0001213900-24-026860 | 20-F | XBRL Viewer

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Cash and Cash Equivalents and Short-Term Deposit (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents and Short-Term Deposit [Abstract]
Short-term deposit		$ 197

Lease (Details) - Schedule of Right-of-Use Asset, Net and Current Lease Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Right Of Use Asset Net And Current Lease Liabilities Abstract
Right-of-use assets, net	$ 2,321	$ 206
Current operating lease liabilities	1,082	184
Non-current operating lease liabilities	$ 1,286

Additional Information: Condensed Financial Statements of the Company (Details) - Schedule of Condensed Statements of Comprehensive Loss of the Parent Company - Parent [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Condensed Statements of Comprehensive Loss of the Parent Company [Line Items]
Operating expenses	$ (3,919)	$ (4,289)	$ (10,399)
Loss before income tax	(3,284)	(4,472)	(10,266)
(Loss)/income from subsidiaries and former VIEs	6,095	(15,381)	(35,775)
Net (loss)/income	$ 2,811	$ (19,853)	$ (46,041)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

Earnings/(Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings/(Loss) Per Share [Abstract]

Earnings/(loss) per share

11.

Earnings/(loss) per share

Basic and diluted net (loss)/earnings per share for each of the year presented were calculated as follows:

	Years ended December 31,
(In thousands of US$ except share data and per share data)	2021			2022			2023
Numerator:
Net (loss)/income		(46,041	)		(19,853	)		2,811
Net (loss)/income attributable to ordinary shareholders of the Company for computing basic and diluted net (loss)/earnings per share		(46,041	)		(19,853	)		2,811
Denominator:
Weighted average number of ordinary shares outstanding used In calculating basic and diluted net (loss)/earnings per share		285,979,036			312,485,140			371,726,318
Basic and diluted net (loss)/earnings per ordinary share		(0.16	)		(0.06	)		0.01

Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive:

	Years ended December 31,
	2021		2022		2023
Restricted Shares		2,916,100		7,970,930		7,996,700
Share options awards		19,225,361		18,004,940		17,022,180
Total		22,141,461		25,975,870		25,018,880

Taxation (Details) - Schedule of (Loss)/income before Income Taxes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of (Loss)/income before Income Taxes [Abstract]
Non-PRC	$ (2,149)	$ (15,397)	$ (28,212)
PRC	4,673	(4,367)	(17,872)
Total	$ 2,524	$ (19,764)	$ (46,084)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Restricted Net Assets [Abstract]

Restricted net assets

25.

Restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The WFOE was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. For the years ended December 31, 2021, 2022 and 2023, WFOE did not have after-tax accumulated profit and therefore no statutory reserves have been allocated.

Foreign exchange and other regulations in the PRC may further restrict the Company’s VIEs from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital, additional paid-in capital, and the statutory reserves of the Company’s PRC subsidiaries, affiliates and VIEs. As of December 31, 2023, total restricted net assets were US$105,852 thousand.

The Company performed a test on the restricted net assets of subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets exceeded 25% of the consolidated net assets of the Company as of December 31, 2023 and the condensed financial information of the Company are required to be presented (See Note 28).

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 85,576	$ 71,461	$ 73,824
Cost of revenues	(43,611)	(38,927)	(51,990)
Gross profit	41,965	32,534	21,834
Research and development expenses	(6,456)	(8,430)	(13,697)
Sales and marketing expenses	(14,304)	(10,305)	(13,620)
General and administrative expenses	(17,118)	(18,726)	(28,551)
Other expenses, net	(1,500)	(14,265)	(11,876)
(Loss)/income from operations	2,587	(19,192)	(45,910)
Interest income	70	18	14
Interest expenses	(133)	(441)	(188)
Amortization of beneficial conversion feature		(149)
(Loss)/income before income tax	2,524	(19,764)	(46,084)
Income tax expenses	(70)	(161)	(244)
Share of profit in equity method investments, net of tax	357	72	287
Net (loss)/income	2,811	(19,853)	(46,041)
Net (loss)/income attributable to ordinary shareholders of the Company	2,811	(19,853)	(46,041)
Net (loss)/income	2,811	(19,853)	(46,041)
Foreign currency translation adjustment	587	2,322	(17)
Total comprehensive (loss)/income	$ 3,398	$ (17,531)	$ (46,058)
Net (loss)/earnings per share attributable to ordinary shareholders of the Company
Basic net (loss)/earnings per share (in Dollars per share)	$ 0.01	$ (0.06)	$ (0.16)
Weighted average number of ordinary shares used in computing net (loss)/earnings per share
Basic weighted average number of ordinary shares (in Shares)	371,726,318	312,485,140	285,979,036
Revenues from services
Revenues	$ 58,570	$ 46,228	$ 37,798
Sales of products
Revenues	27,006	25,233	36,026
Cost of services
Cost of revenues	(24,318)	(20,346)	(21,556)
Cost of products sold
Cost of revenues	$ (19,293)	$ (18,581)	$ (30,434)

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Class A ordinary shares	Class B ordinary shares	Additional paid-in capital	Cumulative translation adjustments	Accumulated losses	Total
Balance at Dec. 31, 2020	$ 8	$ 6	$ 220,292	$ (429)	$ (163,483)	$ 56,394
Balance (in Shares) at Dec. 31, 2020	160,055,640	122,072,980
Foreign currency translation adjustment				(17)		(17)
Net income loss for the year					(46,041)	(46,041)
Share-based compensation			8,757			8,757
Shares issued upon exercise of employee share options			999			$ 999
Shares issued upon exercise of employee share options (in Shares)	1,919,760					1,919,760
Issuance of shares upon vesting of Restricted Shares
Issuance of shares upon vesting of Restricted Shares (in Shares)	3,000,000
Balance at Dec. 31, 2021	$ 8	$ 6	230,048	(446)	(209,524)	20,092
Balance (in Shares) at Dec. 31, 2021	164,975,400	122,072,980
Foreign currency translation adjustment				2,322		2,322
Net income loss for the year					(19,853)	(19,853)
Share-based compensation			3,098			3,098
Issuance of ordinary shares for convertible bond			225			225
Issuance of ordinary shares for convertible bond (in Shares)	1,000,000
Conversion of convertible bond to ordinary shares	$ 4		3,403			3,407
Conversion of convertible bond to ordinary shares (in Shares)	76,943,540
Issuance of shares upon vesting of Restricted Shares
Issuance of shares upon vesting of Restricted Shares (in Shares)	3,767,180
Balance at Dec. 31, 2022	$ 12	$ 6	236,774	1,876	(229,377)	9,291
Balance (in Shares) at Dec. 31, 2022	246,686,120	122,072,980
Foreign currency translation adjustment				587		587
Net income loss for the year					2,811	2,811
Share-based compensation			3,314			3,314
Shares issued upon exercise of employee share options			49			$ 49
Shares issued upon exercise of employee share options (in Shares)	97,200					97,200
Issuance of shares upon vesting of Restricted Shares	$ 1					$ 1
Issuance of shares upon vesting of Restricted Shares (in Shares)	5,629,400
Balance at Dec. 31, 2023	$ 13	$ 6	$ 240,137	$ 2,463	$ (226,566)	$ 16,053
Balance (in Shares) at Dec. 31, 2023	252,412,720	122,072,980

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Investments [Abstract]

Schedule of Long-Term Investments

	As of December 31, 2022
(In thousands)	Original Cost		Cumulative net gains/ (losses)			Impairment			Exchange Difference			Carrying value
Maya		442		(442	)		—			—			—
Huaxiang		1,251		515			—			(55	)		1,711
iQsim S.A.		245		(156	)		(80	)		(9	)		—
Total		1,938		(83	)		(80	)		(64	)		1,711

	As of December 31, 2023
(In thousands)	Original Cost		Cumulative net gains/ (losses)			Dividend received			Impairment			Exchange Difference			Carrying value
Maya		442		(442	)		—			—			—			—
Huaxiang		1,251		872			(83	)		—			(84	)		1,956
iQsim S.A.		245		(156	)		—			(80	)		(9	)		—
Total		1,938		274			(83	)		(80	)		(93	)		1,956

Prepayments and Other Assets (Details) - Schedule of Current and Non Current Prepayments and Other Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Current and Non Current Prepayments and Other Assets [Abstract]
Current	$ 6,416	$ 4,255
Non-current	228	688
Total of prepayments and other assets	$ 6,644	$ 4,943

Cash and Cash Equivalents and Short-Term Deposit

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents and Short-Term Deposit [Abstract]

Cash and cash equivalents and short-term deposit

12.

Cash and cash equivalents and short-term deposit

Cash and cash equivalents represent cash on hand, cash held at bank, and term deposits placed with banks or other financial institutions, which have original maturities of three months or less.

Short-term deposit represents term deposit placed with bank with original maturity more than three months but less than one year. The Company had US$197 thousand of short-term deposit as of December 31, 2022, with an original maturity of 12 months denominated in HKD. As of December 31, 2023, the short-term deposit was nil.

Cash on hand and cash held at bank balance and short-term deposit as of December 31, 2022 and 2023 primarily consist of the following currencies:

	December 31, 2022				December 31, 2023
(In thousands)	Original currency		US$ equivalent		Original currency		US$ Equivalent
US$		6,276		6,276		8,290		8,290
RMB		27,129		3,895		80,717		11,396
JPY		448,139		3,370		241,249		1,710
HKD		5,411		695		2,611		334
Others				882				1,641
Total				15,118				23,371

Earnings/(Loss) Per Share (Details) - Schedule of Basic and Diluted Net (Loss)/Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net (loss)/income	$ 2,811	$ (19,853)	$ (46,041)
Net (loss)/income attributable to ordinary shareholders of the Company for computing basic net (loss)/earnings per share	$ 2,811	$ (19,853)	$ (46,041)
Denominator:
Weighted average number of ordinary shares outstanding used In calculating basic net (loss)/earnings per share (in Shares)	371,726,318	312,485,140	285,979,036
Basic net (loss)/earnings per ordinary share (in Dollars per share)	$ 0.01	$ (0.06)	$ (0.16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Short-Term Borrowings (Details) - USD ($) $ in Thousands		12 Months Ended
Short-Term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Term Borrowings [Line Items]
Weighted average interest rate		3.38%	4.86%
Finance lease (in Dollars)	$ 194
Interest rate	5.60%
Repaid short term debt (in Dollars)		$ 34	$ 163
Other short term borrowings (in Dollars)		$ 2,541	$ 212
Minimum [Member]
Short-Term Borrowings [Line Items]
Interest rate percentage		3.20%	4.00%
Interest rate		4.90%
Maximum [Member]
Short-Term Borrowings [Line Items]
Interest rate percentage		3.55%	5.55%
Interest rate		4.96%
Short-Term Debt [Member]
Short-Term Borrowings [Line Items]
Repaid short term debt (in Dollars)

Other Expenses, Net (Details) - Schedule of Other Expense, Net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Other Expense, Net [Abstract]
Foreign exchange losses, net	$ (514)	$ (2,519)	$ (1,106)
Government grants (note)	1,120	935	1,012
Gains on disposal of property and equipment, net	203	215	94
Fair value losses on other investments	(2,748)	(12,958)	(12,363)
Others	439	62	487
Total	$ (1,500)	$ (14,265)	$ (11,876)

Long-Term Investments (Details) € in Thousands, ¥ in Thousands, ¥ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 30, 2020 CNY (¥)	Jan. 31, 2021 EUR (€)	Oct. 31, 2018 JPY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2022	Mar. 31, 2022
Long-Term Investments (Details) [Line Items]
Interest percentage						19.60%
Consideration to acquire equity interest \| €		€ 200
Recognized the share of profit (in Dollars)				$ 357	$ 228
Recognized the share of loss (in Dollars)					156
Impairment (in Dollars)					$ 80
Maya System Inc [Member]
Long-Term Investments (Details) [Line Items]
Interest percentage			49.00%
Consideration to acquire equity interest \| ¥			¥ 49,000
Beijing Huaxianglianxin Technology Company [Member]
Long-Term Investments (Details) [Line Items]
Consideration to acquire equity interest \| ¥	¥ 8,521
Equity interest	10.00%				9.00%		9.00%
iQsim S.A. [Member]
Long-Term Investments (Details) [Line Items]
Equity interest		31.25%

Summary of Significant Accounting Policies (Details) - Schedule of Amortization of Finite-Lived Intangible Assets	Dec. 31, 2023
Trademarks [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Amortization of Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful lives	10 years
Software [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Amortization of Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful lives	10 years
Licensed copyrights [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Amortization of Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, estimated useful lives	10 years

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

2.	Summary of significant accounting policies

2.1

Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

2.2

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Significant accounting estimates reflected in the Company’s consolidated financial statements include legal contingencies, share-based compensation and realization of deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

2.3

Consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the wholly-foreign owned enterprises (“WFOE”) and variable interest entities (“VIEs”) over which the Company is the primary beneficiary. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the consolidated statements of comprehensive income/(loss) from the effective date of acquisition or up to the effective date of disposal, as appropriate.

A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders. A VIE is required to be consolidated by the primary beneficiary of the entity if the equity holders in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.

Due to legal restrictions on foreign ownership of data connectivity services license required by the business model the Company had been using during the year, the equity interests of certain PRC domestic companies are held by PRC citizens or by PRC entities owned and/or controlled by PRC citizens. Specifically, the PRC domestic companies that are material to the Group’s businesses are Beijing Technology and Shenzhen uCloudlink.

The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the former VIEs taken as a whole, which were included in the Company’s consolidated financial statements with intercompany balances and transactions eliminated between the former VIEs:

	As of December 31, 2022
	(in thousands of US$)
Cash and cash equivalents		1,951
Accounts receivable, net		474
Amounts due from subsidiaries		12,766
Property and equipment and intangible assets		775
Others		5,536
Total assets		21,502
Short term borrowings		574
Amounts due to parent and subsidiaries		60,029
Accounts payable, accrued expenses and other liabilities		12,690
Contract liabilities		62
Others		80
Total liabilities		73,435
Total shareholders’ deficit		(51,933	)

	Years ended December 31,
	2021			2022
	(in thousands of US$)
Revenue (note a)		30,979			30,371
Net loss (note a)		(16,244	)		(4,349	)
Net cash (used in)/generated from operating activities		(6,553	)		858
Net cash used in investing activities		(178	)		(430	)
Net cash generated from financing activities		5,290			1,230

Note:

(a) Revenue and net loss incurred by the former VIEs are primarily from the provision of data connectivity services, as well as sales of Wi-Fi terminals and sales of data related products.

(b) As described in Note 10 to the consolidated financial statements, the Company sponsors share-based compensation plans in which employees, directors and officers of the Company, its subsidiaries and its former VIEs are eligible to participate. The Company has reflected the full cost of the share-based compensation expenses in its operating expenses. Most of the participating employees of the plans are based in the subsidiaries and former VIEs. If these expenses had been pushed down to the subsidiaries and former VIEs during the periods presented, the Company’s non-cash operating expenses would be lower and the former VIEs’ non-cash operating expenses would be higher by the following amounts: FY21: USD 0.4 million and FY22: USD 0.5 million, while subsidiaries’ non-cash operating expenses would be higher by the following amounts: FY2021: USD 4.7 million and FY22: USD 2.5 million.

The former VIEs did not have any material related party transactions except for the related party transactions which are disclosed in Note 22 or elsewhere in these consolidated financial statements, and those transactions with other subsidiaries that are not VIEs, which were eliminated upon consolidation.

Under the contractual arrangements with the former VIEs, the Company has the power to direct activities of the former VIEs and can have assets transferred out of the former VIEs under its control. Therefore, the Company considers that there is no asset in any of the former VIEs that can be used only to settle obligations of the former VIEs, except for registered capital. As all former VIEs are incorporated as limited liability companies under the Company Law of the PRC, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the former VIEs.

Unrecognized revenue-producing assets held by the former VIEs include certain internet value added services provision and other licenses. The internet value added services provision and other licenses are required under relevant PRC laws, rules and regulations for the operation of internet businesses in the PRC, and therefore are integral to the Group’s operations. The internet content provision licenses require that core PRC trademark registrations and domain names are held by the VIEs that provide the relevant services.

On March 17, 2022, Beijing uCloudlink, the former VIEs, the nominee shareholders of the former VIEs and the spouses of the shareholders of Beijing Technology entered into termination agreements respectively, to terminate these contractual arrangements. Beijing uCloudlink issued a confirmation letter to designate Shenzhen Ucloudlink Technology Limited, to exercise the exclusive option right to purchase all equity interests of Beijing Technology from its shareholders according to the above-mentioned option agreement. Accordingly, Shenzhen Technology entered into an equity interest transfer agreement with the shareholders of Beijing Technology, and was registered as the sole shareholder of Beijing Technology since March 17, 2022. All contractual arrangements were terminated since then.

2.4

Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of the executive directors of the Company. The Company has only one operating and reportable segment. The Company’s long-lived assets are substantially located in the PRC.

2.5

Foreign currency translation

The functional currency of the Company is US$. The Company’s subsidiaries with operations in the PRC, Hong Kong and other jurisdictions generally use their respective local currencies as their functional currencies. The reporting currency of the Company is US$. The financial statements of the Company’s subsidiaries, other than the subsidiaries with the functional currency of US$, are translated into US$ using the exchange rate as of the balance sheet date for assets and liabilities and the average daily exchange rate for each month for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity.

In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated statements of comprehensive (loss)/income during the period in which they occur.

2.6

Revenue recognition

Revenue is principally generated by the provision of data connectivity services and the sales of terminals and sales of data related products. Revenue represents the fair value of the consideration received or receivable for the sales of goods and the provision of services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). The Company recognizes revenue in accordance with ASC 606 “Revenue from Contracts with Customers” for all years presented with full retrospective method.

The Company conducts its business through various contracts with customers, including:

(i) Data connectivity services

The Company generates international data connectivity services revenues from (i) data service fees from the use of portable Wi-Fi terminals (under its brand of “Roamingman”), (ii) data service fees generated from sales of data connectivity services to enterprise customers, and (iii) retail sales of data connectivity services.

The Company also generates local data connectivity services revenues from (i) data service fees generated from sales of data connectivity services to enterprise customers, and (ii) retail sales of data connectivity services.

For data connectivity services from the use of portable Wi-Fi terminals, the Company determines that the arrangement involves the leasing of portable Wi-Fi terminals with data connectivity services embedded. The Company determines that it is the lessor in the arrangement which contains an equipment lease component and a service non-lease component. The Company further determines that lease component is an operating lease under ASC 840, and that the operating lease component and service component are delivered over the same time and pattern. Therefore, the lease income and service income are recognized as data connectivity services revenue evenly over the service period.

The Company evaluates and determines that it is the principal. For data connectivity services from the use of portable Wi-Fi terminals and retail sales of data connectivity services, the Company views users as its customers. For data connectivity services generated from sales of data connectivity services to enterprise customers, the Company views enterprise customers as its customers. The Company reports data connectivity services revenues on gross basis. Accordingly, the amounts paid for data connectivity services by customers are recorded as revenues and the related commission fees paid to its agents (mainly travel agents and other online distributors) are recorded as cost of revenues. Where the Company is the principal, it controls the data before the data connectivity service is provided to customers. Its control is evidenced by the inventory risk borne by the Company and the Company’s ability to direct the use of the data, and is further supported by the Company being primarily responsible to customers and having the discretion in establishing pricing.

Data connectivity services offered to customers typically provide unlimited data usage during a fixed period of time (“contract period”), where revenue is recognized ratably on a straight-line basis over the contract period. The Company does not have further performance obligations to the customers after the contract period. The Company also offers data connectivity services where customers are charged service fee based on actual data usage, where revenue is recognized as the services are provided to customers.

In providing data connectivity services to its customers, the Company procures SIM cards and data plans from various suppliers. Those SIM cards are activated and hosted on the Company’s cloud SIM platform. The Company’s cloud SIM platform manages terminal information and customer accounts and intelligently allocates the SIM cards and data plans and makes them available to customers who purchase the Company’s data connectivity services. Accordingly, the Company takes inventory risk and obtains control of the SIM cards and data plans procured and direct the use of the data on its cloud SIM platform depending on customers’ demand. The Company accounts for the SIM cards and data plans procured as costs of revenue as data is being made available and consumed on its cloud SIM platform.

As the Company’s data connectivity services are provided without right of return and the Company does not provide any other credit and incentive to its customers, therefore, the Company’s provision of data connectivity services does not involve variable consideration.

(ii) Sales of terminals and data related products

The Company generates revenues from selling tangible products, including GlocalMe portable Wi-Fi terminals, GlocalMe World Phone series and smartphones with GlocalMe Inside (“GMI”) implemented, as well as SIM cards, to enterprise and retail customers and business partners. Sales of terminals and data related products are recognized when control of promised goods is transferred to the customers, which generally occurs upon the acceptance of the goods by the customers.

For sales of Wi-Fi terminals, one gigabyte of free data connectivity service is normally included as a bundle package for the first time purchase of the terminals. There are two separate performance obligations in such bundle sales as the Wi-Fi terminal is a distinct good while the data connectivity service is a distinct service. The Company allocates the transaction price to each distinct performance obligation based on their relative standalone selling prices. The Company then recognizes revenue for each of the distinct performance obligations identified in accordance with the applicable revenue recognition method relevant for that obligation. For revenue related to the Wi-Fi terminals, revenue is recognized when the control of the Wi-Fi terminals is transferred. For revenue related to the data connectivity service, it is recognized ratably on a straight-line basis over the relevant contract period.

(iii) Provision of PaaS or SaaS services

Platform-as-a-Service (PaaS) or Software-as-a-Service (SaaS) mainly consist of fees generated from providing cloud SIM platform as a service to business partners. The Company provides its cloud SIM platform as a service to business partners enabling them to manage their data resources. Business partners using the platform are charged service fees for the use of the cloud SIM platform services. The Company has continuous obligation to ensure the performance of the platform over the service period. Revenue is recognized ratably over the contract period as business partners simultaneously consume and receive benefits from the service. The Company does not provide any other credit and incentive related to the cloud SIM platform services, therefore there is no variable consideration in the arrangement.

(iv) Contract liabilities

Contract liabilities represent the cash collected upfront from the customers for purchase of data connectivity services or purchase of Wi-Fi terminals, while the underlying data connectivity services have not yet been rendered or the Wi-Fi terminals have not been delivered to the customers by the Company, which is included in the presentation of contract liabilities.

Due to the generally short-term duration of the relevant contracts, all performance obligations are satisfied within one year. Where transaction prices for data connectivity services and Wi-Fi terminals are received upfront from the customers, such receipts are recorded as contract liabilities and recognized as revenues over the contract period. The opening balance of contract liabilities from several customers as of January 1, 2021 was US$889 thousand. For the years ended December 31, 2021, 2022 and 2023, revenue amounting to US$889 thousand, US$1,575 thousand and US$1,052 thousand were included in the contract liabilities balance at the beginning of the respective period.

2.7

Cost of revenue

Cost of revenue consists primarily of data connectivity service costs, cost of inventory, logistics costs, depreciation and maintenance costs for equipment, payment processing fees and other related incidental expenses that are directly attributable to the Company’s principal operations.

2.8

Research and development expenses

Research and development expenses primarily consist of salaries and benefits for research and development personnel, share-based compensation, materials, general expenses and depreciation expenses associated with research and development activities.

2.9

Sales and marketing expenses

Sales and marketing expenses consist primarily of online and offline advertising expenses, promotion expenses, share-based compensation, staff costs, sales commissions and other related incidental expenses that are incurred to conduct the Company’s sales and marketing activities.

Advertising and promotional expenses were US$2,846 thousand, US$2,217 thousand and US$3,923 thousand during the years ended December 31, 2021, 2022 and 2023, respectively.

2.10

General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses, share-based compensation and those not specifically dedicated to research and development or sales and marketing activities, depreciation of property and equipment, amortization of intangible assets, legal and professional services fees, rental and other general corporate related expenses.

2.11

Share-based compensation

Share-based compensation expenses arise from share-based awards, mainly including Restricted Shares held by certain senior management (namely, Mr. Chaohui Chen, Mr. Zhiping Peng and Mr. Wen Gao), and share options and Restricted Shares awarded to employees, directors and other consultants in accordance with ASC 718 Stock Compensation. The Company follows ASC 718 to determine whether share option or Restricted Shares should be classified and accounted for as a liability award or equity award. All grants of share-based awards to employees, certain senior management and directors classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. The Company classifies the share-based awards granted to employees, certain senior management, directors and other consultants as equity award, and has elected to recognize compensation expense on share-based awards with service condition on a graded vesting basis over the requisite service period, which is generally the vesting period.

The Company entered into a share restriction agreement with certain senior management and their respective wholly owned companies, which directly hold the equity interest in the Company. Pursuant to the share restriction agreement, all ordinary shares (“Restricted Shares”) of the Company held by certain senior management shall be subject to vesting conditions until the Restricted Shares become vested. The Restricted Shares were classified as equity awards under ASC 718 and are accounted for as share-based compensation based on the grant date fair value over the vesting period using graded vesting method.

For share options awarded to employees, directors and other consultants, the Company applies the Binominal option pricing model in determining the fair value of options granted under ASC 718. The Company has elected to account for forfeitures when they occur.

On each measurement date, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards granted by the Company, including the fair value of the underlying shares, expected life and expected volatility. The Company is required to consider many factors and makes certain assumptions during this assessment. If any of the assumptions used to determine the fair value of the share-based awards change significantly in the future, share-based compensation expense may differ materially.

2.12

Other employee benefits

The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. The relevant labor regulations require the Company’s subsidiaries in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The relevant local labor and social welfare authorities are responsible for meeting all retirement benefits obligations and the Company’s subsidiaries in the PRC have no further commitments beyond their monthly contributions. The contributions to the plan are expensed as incurred. During the years ended December 31, 2021, 2022 and 2023, contributions to such plan amounting to US$3,074 thousand, US$1,909 thousand and US$708 thousand respectively, were charged to the consolidated statements of comprehensive (loss)/income.

The Company also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the PRC.

2.13

Income taxes

The Company accounts for income taxes using the liability method, under which deferred income taxes are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized as income or expense in the period that includes the enactment date. Valuation allowance is provided on deferred tax assets to the extent that it is more likely than not that the asset will not be realizable in the foreseeable future.

Deferred taxes are also recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free manner.

The Company adopts ASC 740 “Income Taxes” which prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods and income tax disclosures.

The Company did not have significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of and for the years ended December 31, 2021, 2022 and 2023.

2.14

Government grants

For government grants that are non-operating in nature and with no further conditions to be met, the amounts are recognized as income in other income/(expense), net. For government grants that contain certain operating conditions, the amounts are recorded as deferred government grant, and are recognized as income in other income/(expense), net when the conditions are met.

2.15

Comprehensive income/(loss)

Comprehensive income/(loss) is defined to include all changes in equity of the Company during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Company’s comprehensive income/(loss) includes net income/(loss) and other comprehensive income/(loss), which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net income/(loss).

2.16

Leases

The Company determines if an arrangement is a lease at inception. Leases that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases. The Company has no significant finance leases.

The Company recognizes lease liabilities and corresponding right-of-use assets on the balance sheet for leases. Operating lease right-of-use assets are included in non-current prepayments, receivables and other assets and operating lease liabilities are included in current accrued expenses, accounts payable and other liabilities and other non-current liabilities on the consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are initially recognized based on the present value of future lease payments at lease commencement. The operating lease right-of-use assets also includes any lease payments made prior to lease commencement and the initial direct costs incurred by the lessee and is recorded net of any lease incentives received. As the interest rates implicit in most of the leases are not readily determinable, the Company uses the incremental borrowing rates based on the information available at lease commencement to determine the present value of the future lease payments. Operating lease expenses are recognized on a straight-line basis over the term of the lease.

Lease and non-lease components for leases of asset classes are accounted for separately. The Company elected to recognize short-term leases with an initial lease term of twelve months or less.

2.17

Earnings/(loss) per share

Basic earnings/(loss) per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income/(loss) is allocated between different classes of ordinary shares based on their participating rights. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable in connection with the Company’s convertible redeemable preferred shares, redeemable ordinary shares and convertible bonds using the if-converted method and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.

2.18

Cash and cash equivalents

Cash and cash equivalents represent cash on hand, term deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

Cash, and cash equivalents as reported in the consolidated statement of cash flows are presented on the consolidated balance sheet as follows:

	December 31,		December 31,
(In thousands)	2022		2023
Cash and cash equivalents		14,921		23,371

2.19

Inventories

Inventories mainly consist of products for sales. They are accounted for using the weighted average cost and stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Write downs of US$12 thousand, US$138 thousand and US$657 thousand were recorded in cost of revenues in the consolidated statements of comprehensive (loss)/income for the years ended December 31, 2021, 2022 and 2023 respectively.

2.20

Accounts receivable, net

Accounts receivable are presented net of allowance for doubtful accounts. The Company evaluates the creditworthiness of each customer at the time when services are rendered or products are sold and continuously monitor the recoverability of the accounts receivable.

In January 2022, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for doubtful accounts, which replaces the previous incurred loss impairment model. The Company’s estimation of allowance for doubtful accounts considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company assesses collectibility by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics. For receivables evaluated individually, when it is determined that foreclosure is probable or when the debtor is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of collateral, expected credit losses are based on the fair value of the collateral at the reporting date. The adoption of ASC 326 did not have a material impact on the Company’s financial position, results of operations and cash flows. The consolidated financial statements for the year ended December 31, 2021 were not retrospectively adjusted. The allowance for doubtful accounts were US$4,519 thousand and US$4,201 thousand as of December 31, 2022 and 2023, respectively.

2.21

Investment in equity method investees

The equity investment represents the Company’s investment in three entities. The Company accounts for its equity investment over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Company adjusts the carrying amount of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. When the Company’s share of loss in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee. The Company assesses its equity investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investment in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment is other-than-temporary.

2.22

Property and equipment

Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.

Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Computers, server & switch and office equipment		5 years
Wi-Fi terminals for data connectivity services		2 years
Leasehold improvement		Over the shorter of lease term or 3 years

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income/(loss).

2.23

Intangible assets

Intangible assets mainly consist of trademarks, software and licensed copyrights. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. All intangible assets of the Company are finite-lived intangible assets.

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:

Trademarks		10 years
Software		10 years
Licensed copyrights		10 years

2.24

Equity securities without readily determinable fair values

The Company measures the long-term investment over which the Company does not have significant influence or that do not have readily determinable fair value at cost less impairment prior to January 1, 2018. Effective from January 1, 2018 with the adoption of ASU 2016-01, the Company has elected to use the measurement alternative to account for the equity investment, and therefore carries this investment at cost adjusted for changes from observable transactions for identical or similar investments of the same investee, less impairment.

2.25

Impairment of long-lived assets

For long-lived assets the Company evaluates for impairment whenever events or changes indicate that the carrying amount of an asset may no longer be recoverable. The Company assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company tests impairment of long-lived assets at the reporting unit level when impairment indicator appeared and recognizes impairment in the event at the carrying value exceeds the fair value of each reporting unit.

No impairment charge of long-lived assets was recorded for the years ended December 31, 2021 and 2023.

For the year ended December 31, 2022, US$80 thousand of impairment was charged to a long-term investment to iQsim S.A. due to its bankruptcy.

2.26

Software development costs

The Company incurred costs to research and develop relevant software that is used in its cloud SIM architecture. Costs incurred during the research phase are expensed as incurred. Costs incurred for the development of software prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.

2.27

Fair value of financial instruments

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs that may be used to measure fair value include:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.

The Company’s financial instruments consist principally of other investments, cash and cash equivalents, short-term deposit, accounts receivable, accounts payable, contract liabilities and other liabilities.

As of December 31, 2021, 2022 and 2023, the carrying values of cash and cash equivalents, short-term deposit, accounts receivable, accounts payable, contract liabilities and other liabilities approximated their fair values reported in the consolidated balance sheets due to the short-term nature of these instruments.

2.28

Other investments

The Company’s other investments consist of investment funds of which underlying assets are debt securities and equity securities. These investment funds are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the consolidated statements of comprehensive (loss)/income.

2.29

Convertible promissory notes

Convertible promissory notes are recognized initially at fair value, net of upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees. Upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the facilities using the effective interest method.

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net [Abstract]

Schedule of Intangible Asset, Net

(In thousands)	Carrying amount		Accumulated amortization			Net carrying amount
December 31, 2022
Software		1,118		(405	)		713
Trademarks		114		(81	)		33
Licensed copyrights		171		(115	)		56
Intangible assets		1,403		(601	)		802

(In thousands)	Carrying amount		Accumulated amortization			Net carrying amount
December 31, 2023
Software		1,099		(507	)		592
Trademarks		112		(91	)		21
Licensed copyrights		169		(130	)		39
Intangible assets		1,380		(728	)		652

Schedule of Estimated Aggregate Amortization Expenses

The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows:

Year	(In thousands)
2024		138
2025		126
2026		108
2027		103
2028		70
Thereafter		107
Total		652

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Relationship with Material Related Parties

As of December 31, 2023, the name and relationship with material related parties are as follows:

Related Party		Relationship with the Company
Maya		Equity method investee of the Company
Beijing Huaxianglianxin Technology Company		Equity method investee of the Company
iQsim S.A.		Equity method investee of the Company

Schedule of Related Party Transactions

During the years ended December 31, 2021, 2022 and 2023, other than disclosed elsewhere, the Company had the following material related party transactions:

	Years ended December 31,
(In thousands)	2021		2022		2023
Revenue from provision of data connectivity services, PaaS and SaaS services and sales of terminals and data related products:
Maya		9,370		6,202		10,770
Beijing Huaxianglianxin Technology Company		984		334		36
Purchase of data connectivity service:
Maya		26		4		2
Beijing Huaxianglianxin Technology Company		87		6		—

Schedule of Related Parties Balances

The Company had the following related parties balances as of December 31, 2022 and December 31, 2023:

(In thousands)	December 31, 2022		December 31, 2023
Deposits received from related parties:
Maya		1,238		1,055
Contract liability:
Maya		222		175
Amounts payable to related parties:
Maya		1		—
Beijing Huaxianglianxin Technology Company		20		20
Amounts receivable from related parties:
Maya		684		2,943
Beijing Huaxianglianxin Technology Company		14		2

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

Use of estimates

Use of estimates

Consolidation

Consolidation

	As of December 31, 2022
	(in thousands of US$)
Cash and cash equivalents		1,951
Accounts receivable, net		474
Amounts due from subsidiaries		12,766
Property and equipment and intangible assets		775
Others		5,536
Total assets		21,502
Short term borrowings		574
Amounts due to parent and subsidiaries		60,029
Accounts payable, accrued expenses and other liabilities		12,690
Contract liabilities		62
Others		80
Total liabilities		73,435
Total shareholders’ deficit		(51,933	)

	Years ended December 31,
	2021			2022
	(in thousands of US$)
Revenue (note a)		30,979			30,371
Net loss (note a)		(16,244	)		(4,349	)
Net cash (used in)/generated from operating activities		(6,553	)		858
Net cash used in investing activities		(178	)		(430	)
Net cash generated from financing activities		5,290			1,230

Note:

(a) Revenue and net loss incurred by the former VIEs are primarily from the provision of data connectivity services, as well as sales of Wi-Fi terminals and sales of data related products.

Segment reporting

Segment reporting

Foreign currency translation

Foreign currency translation

Revenue recognition

Revenue recognition

The Company conducts its business through various contracts with customers, including:

(i) Data connectivity services

(ii) Sales of terminals and data related products

(iii) Provision of PaaS or SaaS services

(iv) Contract liabilities

Cost of revenue

Cost of revenue

Research and development expenses

2.8

Research and development expenses

Sales and marketing expenses

Sales and marketing expenses

Advertising and promotional expenses were US$2,846 thousand, US$2,217 thousand and US$3,923 thousand during the years ended December 31, 2021, 2022 and 2023, respectively.

General and administrative expenses

2.10

General and administrative expenses

Share-based compensation

Share-based compensation

Other employee benefits

Other employee benefits

The Company also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the PRC.

Income taxes

Income taxes

Government grants

2.14

Government grants

Comprehensive income/(loss)

Comprehensive income/(loss)

Leases

2.16

Leases

Lease and non-lease components for leases of asset classes are accounted for separately. The Company elected to recognize short-term leases with an initial lease term of twelve months or less.

Earnings/(loss) per share

Earnings/(loss) per share

Cash and cash equivalents

Cash and cash equivalents

Cash, and cash equivalents as reported in the consolidated statement of cash flows are presented on the consolidated balance sheet as follows:

	December 31,		December 31,
(In thousands)	2022		2023
Cash and cash equivalents		14,921		23,371

Inventories

2.19

Inventories

Accounts receivable, net

Accounts receivable, net

Investment in equity method investees

Investment in equity method investees

Property and equipment

Property and equipment

Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Computers, server & switch and office equipment		5 years
Wi-Fi terminals for data connectivity services		2 years
Leasehold improvement		Over the shorter of lease term or 3 years

Intangible assets

Intangible assets

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:

Trademarks		10 years
Software		10 years
Licensed copyrights		10 years

Equity securities without readily determinable fair values

2.24

Equity securities without readily determinable fair values

Impairment of long-lived assets

Impairment of long-lived assets

No impairment charge of long-lived assets was recorded for the years ended December 31, 2021 and 2023.

For the year ended December 31, 2022, US$80 thousand of impairment was charged to a long-term investment to iQsim S.A. due to its bankruptcy.

Software development costs

2.26

Software development costs

Fair value of financial instruments

Fair value of financial instruments

The three levels of inputs that may be used to measure fair value include:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.

Other investments

Other investments

Convertible promissory notes

2.29

Convertible promissory notes

Other Investments

12 Months Ended

Dec. 31, 2023

Other Investments [Abstract]

Other investments

20.

Other investments

(In thousands)		December 31, 2022				December 31, 2023
Current^{(i) (ii) (iii)}			11,690				7,613

Note:

(i)

In June 2020, the Company made an investment in an investment fund, which was classified as an equity security, for a cash consideration of US$15,000 thousand, for which the underlying assets were mainly comprised of debt securities and equity securities. It is redeemable at the option of the Company with one-month notice. The equity security was measured and recorded at fair value on a recurring basis based on the quoted price by the investment fund which was the executable transaction prices and the amounts that redemption and new purchases can be made and classified as level 2 inputs. There was a fair value loss of US$5,543 thousand for the year ended December 31, 2022 and a fair value gain of US$566 thousand for the year ended December 31, 2023. As of December 31, 2023, the fair value of the investment was US$7,610 thousand.

(ii)

In June 2020, the Company made an investment in an investment fund, which was classified as a debt security carried at fair value, for a cash consideration of US$17,100 thousand, for which the underlying assets were mainly comprised of unlisted bonds and subordinated debentures, for a period of 3 years. The debt security was measured and recorded at fair value on a recurring basis based on the quoted price by the asset management company, which was the executable transaction prices and the amounts that redemption and new purchases can be made and classified as level 2 inputs. There was a fair value loss of US$7,415 thousand for the year ended December 31,2022 and a fair value loss of US$3,314 thousand for the year ended December 31, 2023. In December, 2023, the Company fully redeemed the investment with amount of US$1.3 million.

(iii)

In October 2022, the Company purchased a publicly traded stock of 100 shares for a cash consideration of JPY364,148 on the Japanese stock market. As of December 31, 2023, the fair value of the investment was US$3 thousand (JPY364,148).

Long-Term Investments (Details) - Schedule of Long-Term Investments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Original Cost	$ 1,938	$ 1,938
Cumulative net gains /(losses)	274	(83)
Impairment	(80)	(80)
Exchange Difference	(93)	(64)
Carrying value	1,956	1,711
Dividend received	(83)
Maya [Member]
Schedule of Equity Method Investments [Line Items]
Original Cost	442	442
Cumulative net gains /(losses)	(442)	(442)
Impairment
Exchange Difference
Carrying value
Dividend received
Huaxiang [Member]
Schedule of Equity Method Investments [Line Items]
Original Cost	1,251	1,251
Cumulative net gains /(losses)	872	515
Impairment
Exchange Difference	(84)	(55)
Carrying value	1,956	1,711
Dividend received	(83)
iQsim S.A [Member]
Schedule of Equity Method Investments [Line Items]
Original Cost	245	245
Cumulative net gains /(losses)	(156)	(156)
Impairment	(80)	(80)
Exchange Difference	(9)	$ (9)
Carrying value
Dividend received

Commitments and Contingencies (Details) $ in Thousands, ¥ in Millions	Aug. 31, 2018 USD ($)	Aug. 31, 2018 CNY (¥)	Dec. 31, 2023 USD ($)
Commitments and Contingencies [Abstract]
Future minimum purchase commitment, 2024			$ 3,299
Future minimum purchase commitment, 2025			1,121
Future minimum purchase commitment, 2026			$ 109
Claimed damage	$ 1,600	¥ 10.5

Earnings/(Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings/(Loss) Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss)/Earnings Per Share

Basic and diluted net (loss)/earnings per share for each of the year presented were calculated as follows:

	Years ended December 31,
(In thousands of US$ except share data and per share data)	2021			2022			2023
Numerator:
Net (loss)/income		(46,041	)		(19,853	)		2,811
Net (loss)/income attributable to ordinary shareholders of the Company for computing basic and diluted net (loss)/earnings per share		(46,041	)		(19,853	)		2,811
Denominator:
Weighted average number of ordinary shares outstanding used In calculating basic and diluted net (loss)/earnings per share		285,979,036			312,485,140			371,726,318
Basic and diluted net (loss)/earnings per ordinary share		(0.16	)		(0.06	)		0.01

Schedule of Diluted Earnings Per Share

Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive:

	Years ended December 31,
	2021		2022		2023
Restricted Shares		2,916,100		7,970,930		7,996,700
Share options awards		19,225,361		18,004,940		17,022,180
Total		22,141,461		25,975,870		25,018,880

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - Schedule of Accounts Payable, Accrued Expenses and Other Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities [Abstract]
Accounts payable to suppliers	$ 5,314	$ 6,832
Accrued bonus and staff costs	21,199	20,256
Other deposits	832	1,026
Other taxes payable (note)	345	461
Accrued professional fees	1,166	1,462
Accrued marketing expenses	177	101
Others	1,036	708
Total	$ 30,069	$ 30,846

Taxation (Details) - Schedule of Components of the Deferred Tax Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforwards	$ 19,187	$ 19,814	$ 14,808
Accrued expenses and others	(2,250)	(3,010)	427
Less: valuation allowance	(16,937)	(16,804)	(15,235)	$ (9,830)
Net deferred tax assets

Property and Equipment, Net (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Property and Equipment [Line Items]
Total original costs	$ 12,455	$ 11,795
Less: accumulated depreciation	(10,022)	(10,614)
Carrying amount	2,433	1,181
Computers [Member]
Schedule of Property and Equipment [Line Items]
Total original costs	509	460
Server & switch [Member]
Schedule of Property and Equipment [Line Items]
Total original costs	1,268	1,283
Office equipment [Member]
Schedule of Property and Equipment [Line Items]
Total original costs	1,727	1,754
Wi-Fi terminals for data connectivity services [Member]
Schedule of Property and Equipment [Line Items]
Total original costs	8,420	7,762
Leasehold improvement [Member]
Schedule of Property and Equipment [Line Items]
Total original costs	$ 531	$ 536

Cash and Cash Equivalents and Short-Term Deposit (Details) - Schedule of Cash on Hand and Cash Held at Bank Balance And Short-Term Deposit - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Original currency [Member] \| US$ [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	$ 8,290	$ 6,276
Original currency [Member] \| RMB [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	80,717	27,129
Original currency [Member] \| JPY [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	241,249	448,139
Original currency [Member] \| HKD [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	2,611	5,411
US$ equivalent [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	23,371	15,118
US$ equivalent [Member] \| US$ [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	8,290	6,276
US$ equivalent [Member] \| RMB [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	11,396	3,895
US$ equivalent [Member] \| JPY [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	1,710	3,370
US$ equivalent [Member] \| HKD [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	334	695
US$ equivalent [Member] \| Others [Member]
Cash and Cash Equivalents [Line Items]
Cash on hand and cash held at bank balance and short-term deposit	$ 1,641	$ 882

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net [Abstract]

Property and Equipment, net

17.

Property and equipment, net

Property and equipment consist of the following:

(In thousands)	December 31, 2022			December 31, 2023
Computers		460			509
Server & switch		1,283			1,268
Office equipment		1,754			1,727
Wi-Fi terminals for data connectivity services		7,762			8,420
Leasehold improvement		536			531
Total original costs		11,795			12,455
Less: accumulated depreciation		(10,614	)		(10,022	)
Carrying amount		1,181			2,433

Depreciation expenses recognized for the years ended December 31, 2021, 2022 and 2023 were US$2,022 thousand, US$839 thousand and US$985 thousand, respectively.

Ordinary shares (Details) $ / shares in Units, ¥ in Millions										1 Months Ended	12 Months Ended
	Jun. 10, 2020 $ / shares shares	May 19, 2019 USD ($) $ / shares shares	Aug. 28, 2018 shares	Dec. 31, 2017	Jun. 19, 2017 USD ($) $ / shares shares	Dec. 31, 2016	Sep. 22, 2016 USD ($) shares	Nov. 25, 2015 USD ($) shares	Jan. 28, 2015 USD ($) $ / shares shares	Jan. 31, 2015	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2018 shares	Dec. 31, 2017 CNY (¥) shares	Dec. 31, 2019 shares	Mar. 22, 2018 shares	Jan. 01, 2016 $ / shares shares
Ordinary shares [Line Items]
Prior to the completion of the IPO (in Dollars) \| $		$ 50,000
Common stock, shares authorized		50,000,000
Common Stock, par or stated value per Share (in Dollars per share) \| $ / shares		$ 0.001
Ordinary shares issued					4,315,080			20,000,000									232,451,900	31,665,280
Common stock, shares, outstanding
Total consideration (in Dollars) \| $									$ 9,788,652
Vesting period							4 years			5 years
Ordinary shares, vested											5,629,400	3,767,180	3,000,000
Ordinary shares repurchased					8,630,140
Ordinary shares repurchased price per share (in Dollars per share) \| $ / shares					$ 0.96
Ordinary shares repurchased, amount (in Dollars) \| $					$ 8,297,880
Reduction of additional paid in capital for cancellation of repurchased ordinary shares (in Dollars) \| $					$ 8,298,236
Cumulative revenue (in Yuan Renminbi) \| ¥																¥ 500
2018 Stock Option Scheme [Member]
Ordinary shares [Line Items]
Conversion of shares, basis															55,980,360
Ordinary and Preferred Shares [Member]
Ordinary shares [Line Items]
Recast of shares par value (in Dollars per share) \| $ / shares		0.00005
Ordinary Shares [Member]
Ordinary shares [Line Items]
Converted shares			35,004,220
Prior to the Completion of the IPO [Member]
Ordinary shares [Line Items]
Number of shares issued upon conversion											122,072,980
IPO [Member] \| Minimum [Member]
Ordinary shares [Line Items]
Dividend (in Dollars) \| $											$ 50,000
Shares issued											1,000,000,000
(in Dollars per share) \| $ / shares											$ 0.00005
IPO [Member] \| Maximum [Member]
Ordinary shares [Line Items]
Dividend (in Dollars) \| $											$ 100,000
Shares issued											2,000,000,000
(in Dollars per share) \| $ / shares											$ 0.00005
Series A Preferred Stock [Member]
Ordinary shares [Line Items]
Ordinary shares issued																			4,000,000
Ordinary shares transferred fair value per share (in Dollars per share) \| $ / shares																			$ 0.88
Class A Ordinary Shares [Member]
Ordinary shares [Line Items]
Common stock, shares authorized											1,700,000,000	1,700,000,000
Common Stock, par or stated value per Share (in Dollars per share) \| $ / shares											$ 0.00005	$ 0.00005
Ordinary shares issued											252,412,720	246,686,120
Common stock, shares, outstanding											252,412,720	246,686,120
Shares were issued upon exercise of outstanding stock options														576,720
Shares were issued upon vesting of restricted share											5,629,400	3,767,180	3,000,000
Ordinary Shares were issued for convertible debenture											97,200	1,000,000
Shares were issued for conversion of convertible debenture												76,943,540
Class A Ordinary Shares [Member] \| Ordinary Shares [Member]
Ordinary shares [Line Items]
Number of shares issued upon conversion												76,943,540
Class A Ordinary Shares [Member] \| Prior to the Completion of the IPO [Member]
Ordinary shares [Line Items]
Number of votes per ordinary share											1
Class A Ordinary Shares [Member] \| IPO [Member]
Ordinary shares [Line Items]
Common stock, shares, outstanding	159,478,920
Converted shares	110,378,920
Ordinary shares issued	20,100,000
Ordinary shares issued and sold price per ADS (in Dollars per share) \| $ / shares	$ 18
Preferred shares converted into ordinary shares	29,000,000
Class B Ordinary Shares [Member]
Ordinary shares [Line Items]
Common stock, shares authorized											200,000,000	200,000,000
Common Stock, par or stated value per Share (in Dollars per share) \| $ / shares											$ 0.00005	$ 0.00005
Ordinary shares issued											122,072,980	122,072,980
Common stock, shares, outstanding											122,072,980	122,072,980
Class B Ordinary Shares [Member] \| Ordinary Shares [Member]
Ordinary shares [Line Items]
Number of shares issued upon conversion
Class B Ordinary Shares [Member] \| Prior to the Completion of the IPO [Member]
Ordinary shares [Line Items]
Number of votes per ordinary share											15
Class B Ordinary Shares [Member] \| IPO [Member]
Ordinary shares [Line Items]
Common stock, shares, outstanding	122,072,980
ADS [Member] \| IPO [Member]
Ordinary shares [Line Items]
Ordinary shares issued	2,010,000
Stock options [Member] \| Class A Ordinary Shares [Member]
Ordinary shares [Line Items]
Shares were issued upon exercise of outstanding stock options													1,919,760
Board of Directors Chairman [Member] \| Ordinary and Preferred Shares [Member]
Ordinary shares [Line Items]
Common Stock, par or stated value per Share (in Dollars per share) \| $ / shares		$ 0.00005
Shares subdivided, number of shares		20
Series A Share Purchase Agreement [Member]
Ordinary shares [Line Items]
Ordinary shares issued									8,400,000
Series A Share Purchase Agreement [Member] \| Ordinary Shares [Member]
Ordinary shares [Line Items]
Total consideration (in Dollars) \| $									$ 4,056,206
Series A Share Purchase Agreement [Member] \| Series A Preferred Stock [Member]
Ordinary shares [Line Items]
Total consideration (in Dollars) \| $									$ 25,000,000
A-1 SPA [Member]
Ordinary shares [Line Items]
Ordinary shares issued								26,575,220
Total consideration (in Dollars) \| $								$ 21,555,470
Ordinary shares redemption price compounded annual interest rate						10.00%
A-2 SPA [Member]
Ordinary shares [Line Items]
Ordinary shares issued							8,502,600
Total consideration (in Dollars) \| $							$ 10,000,000
Ordinary shares redemption price compounded annual interest rate				12.00%
Chaohui Chen [Member] \| Class B Ordinary Shares [Member]
Ordinary shares [Line Items]
Common stock, shares, outstanding	61,346,560
Zhiping Peng [Member] \| Class B Ordinary Shares [Member]
Ordinary shares [Line Items]
Common stock, shares, outstanding	60,726,420
Restricted Shares [Member]
Ordinary shares [Line Items]
Common Stock, par or stated value per Share (in Dollars per share) \| $ / shares									$ 0.00005
Common stock, shares, outstanding																	162,897,778
Vesting period							4 years		5 years
Ordinary shares, vested															44,426,667	44,426,667

Related Party Transactions (Details) - Schedule of Related Parties Balances - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Maya [Member]
Related Party Transactions (Details) - Schedule of Related Parties Balances [Line Items]
Deposits received from related parties	$ 1,055	$ 1,238
Contract liability	175	222
Amounts payable to related parties		1
Amounts receivable from related parties	2,943	684
Beijing Huaxianglianxin Technology Company [Member]
Related Party Transactions (Details) - Schedule of Related Parties Balances [Line Items]
Amounts payable to related parties	20	20
Amounts receivable from related parties	$ 2	$ 14

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2023

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent accounting pronouncements

3.	Recent accounting pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for fiscal years beginning after 15 December 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.

In July 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows.

In September 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The Board is issuing the amendments in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The Board decided that the amendments should be effective for public business entities for annual periods beginning after December 15, 2024.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Taxation (Details) - Schedule of Movement of Valuation Allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Movement of Valuation Allowance [Abstract]
Balance at beginning of the year	$ 16,804	$ 15,235	$ 9,830
Change of valuation allowance	133	1,569	5,405
Balance at end of the year	$ 16,937	$ 16,804	$ 15,235

Other Expenses, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Expenses, Net [Abstract]

Schedule of Other Expense, Net

	Years ended December 31,
(In thousands)	2021			2022			2023
Foreign exchange losses, net		(1,106	)		(2,519	)		(514	)
Government grants (note)		1,012			935			1,120
Gains on disposal of property and equipment, net		94			215			203
Fair value losses on other investments		(12,363	)		(12,958	)		(2,748	)
Others		487			62			439
Total		(11,876	)		(14,265	)		(1,500	)

Prepayments and Other Assets (Details) - Schedule of Prepayments and Other Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of prepayments and other assets [Abstract]
Prepayments	$ 4,057	$ 2,850
Deposits	1,330	1,215
VAT recoverable	1,061	715
Others	196	163
Total of prepayments and other assets	$ 6,644	$ 4,943

Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings [Abstract]

Schedule of Short-Term Borrowings

Short-term borrowings

(In thousands)	December 31, 2022		December 31, 2023
Current
Bank borrowings⁽ⁱ⁾		2,842		2,756
Other borrowings⁽ⁱⁱ⁾		34		2,541
Total		2,876		5,297

(i)	The Company’s short-term bank borrowings are primarily used for working capital and business development purposes and bear interest rate of 3.20% ~ 3.55% (2022: 4.00% ~ 5.55%) per annum, with a weighted average interest rate of 3.38% (2022: 4.86%) per annum.

Certain bank borrowings are guaranteed by certain of our directors, certain legal representative, certain subsidiary and other company as of December 31, 2022 and 2023.

(ii)

In December 2023, the Company entered into two one-year financing agreement with two independent third-party financial institutes amounting to US$2,541 thousand with two patents pledged and certain director and subsidiaries guaranteed. The interest rate ranged from 4.9% to 4.96% per annum.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Schedule of Inventories

(In thousands)	December 31, 2022			December 31, 2023
Raw materials		1,971			1,655
Finished goods		2,401			1,909
Less: write-down of obsolete inventories		(748	)		(1,381	)
Total inventories		3,624			2,183

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable, Accrued Expenses and Other Liabilities [Abstract]

Schedule of Accounts Payable, Accrued Expenses and Other Liabilities

(In thousands)	December 31, 2022		December 31, 2023
Accounts payable to suppliers		6,832		5,314
Accrued bonus and staff costs		20,256		21,199
Other deposits		1,026		832
Other taxes payable (note)		461		345
Accrued professional fees		1,462		1,166
Accrued marketing expenses		101		177
Others		708		1,036
Total		30,846		30,069

Long-Term Investments

12 Months Ended

Dec. 31, 2023

Long-Term Investments [Abstract]

Long-term investments

16.

Long-term investments

	As of December 31, 2022
(In thousands)	Original Cost		Cumulative net gains/ (losses)			Impairment			Exchange Difference			Carrying value
Maya		442		(442	)		—			—			—
Huaxiang		1,251		515			—			(55	)		1,711
iQsim S.A.		245		(156	)		(80	)		(9	)		—
Total		1,938		(83	)		(80	)		(64	)		1,711

	As of December 31, 2023
(In thousands)	Original Cost		Cumulative net gains/ (losses)			Dividend received			Impairment			Exchange Difference			Carrying value
Maya		442		(442	)		—			—			—			—
Huaxiang		1,251		872			(83	)		—			(84	)		1,956
iQsim S.A.		245		(156	)		—			(80	)		(9	)		—
Total		1,938		274			(83	)		(80	)		(93	)		1,956

In October 2018, the Company made an equity investment in a privately-held company, Maya System, Inc. (the “Maya”), which provides cloud SIM related services in Japan, including sale of products and maintenance. The Company acquired 49.00% equity interest of Maya with total consideration of JPY49,000 thousand. In October 2022, the other shareholder of Maya increased its investment and the Company’s equity interest in Maya was diluted to 19.6%. The Company classified Maya as an equity method investment as it has significant influence over Maya. The consideration was mainly attributed to trademark, customer relationship and goodwill. As of December 31, 2022 and 2023, the share of loss from Maya exceeded the total investment cost. As the Company is not required to fund losses, the balance was written down to zero.

In April 2019 and September 2020, the Company made an equity investment in a privately-held company, Beijing Huaxianglianxin Technology Company(the“Huaxiang”). The Company held 10% equity interest of the Huaxiang with total consideration of RMB 8,521 thousand. In March and December 2022, Huaxiang introduced new investors and the Company’s equity interest in Huaxiang was diluted to approximately 9%. The Company exercises significant influence in the Huaxiang and therefore accounts for this as a long-term investment using equity method. The Company recognized the share of profit of USD228 thousand and USD357 thousand during the years ended December 31, 2022 and 2023.

In January 2021, the Company acquired 31.25% of the equity interests of iQsim S.A., which is a provider of open virtual SIM (“VSIM”) platform and VSIM-enabled mobile devices based in France, with total consideration of EUR200 thousand. The Company exercises significant influence in iQsim S.A and therefore accounts for this as a long-term investment using equity method. The Company recognized share of loss of USD156 thousand during the year ended December 31, 2022. As iQsim applied for bankruptcy, the Company wrote off the left amount of the investments of USD80 thousand in 2022.

Share-Based Awards (Details) - Schedule of Fair Value of Share Options Granted - $ / shares

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-Based Awards (Details) - Schedule of Fair Value of Share Options Granted [Line Items]

Expected dividend yield

^[1]

0.00%

Minimum [Member]

Share-Based Awards (Details) - Schedule of Fair Value of Share Options Granted [Line Items]

Risk-free interest rate

^[2]

0.90%

1.22%

Expected dividend yield

Expected volatility

^[3]

29.44%

35.01%

Grant date fair value (in Dollars per share)

$ 0

$ 0.06

Maximum [Member]

Share-Based Awards (Details) - Schedule of Fair Value of Share Options Granted [Line Items]

Risk-free interest rate

^[2]

1.67%

1.52%

Expected volatility

^[3]

34.81%

36.00%

Grant date fair value (in Dollars per share)

$ 0.0044

$ 0.65

[1]	Expected dividend yield is assumed to be 0% as the Company has no history or expectation of paying dividend on its ordinary shares.
[2]	Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect at the time of grant.
[3]	Expected volatility is assumed based on the historical volatility of the Company’s comparable companies in the period equal to the expected life of each grant.

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives	12 Months Ended
	Dec. 31, 2023
Computers, server & switch and office equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property and equipment	5 years
Wi-Fi terminals for data connectivity services [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property and equipment	2 years
Leasehold Improvements [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	Over the shorter of lease term or 3 years

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Net (loss)/income	$ 2,811	$ (19,853)	$ (46,041)
Provision/(reversal) for bad debts	(126)	2,014	40
Impairment for inventory obsolescence	657	96	16
Impairment for long-term investment		80
Depreciation of property and equipment	985	839	2,022
Amortization of intangible assets	136	142	143
Gains on disposals of property and equipment	(203)	(215)	(94)
Interest expenses	133	441	188
Amortization of beneficial conversion feature		149
Share-based compensation	3,314	3,098	8,757
Fair value losses on other investments	2,748	12,958	12,363
Share of profit in equity method investments	(357)	(72)	(287)
Foreign currency exchange losses, net	514	2,519	1,106
Changes in operating assets and liabilities
Accounts receivable	(390)	7,715	(8,239)
Prepayments and other assets	(1,713)	1,825	985
Inventories	784	2,413	(302)
Accrued expenses, accounts payable and other liabilities	(691)	(9,647)	5,917
Amounts due to related parties	(231)	28	(50)
Amounts due from related parties	(2,247)	455	1,111
Contract liabilities	373	(523)	686
Other non-current liabilities	(59)	(58)	(59)
Operating lease right-of-use assets	(2,115)
Operating lease liabilities	2,184
Net cash (used in)/generated from operating activities	6,507	4,404	(21,738)
Cash flows from investing activities
Purchase of property and equipment	(2,065)	(411)	(787)
Purchase of intangible assets		(14)	(92)
Proceeds from disposal of property and equipment	217	266	193
Cash paid for equity method investment			(247)
Dividend received from long-term investment	83
(Increase)/decrease in short-term deposit	196		(2)
Purchase of other investments		(3)
Proceeds from redemption of other investment	1,329
Net cash used in investing activities	(240)	(162)	(935)
Cash flows from financing activities
Proceeds from other borrowings	2,541	212
Repayments of other borrowings	(34)	(163)
Proceeds from issuance of convertible bonds		4,735
Redemption of convertible bonds		(1,050)
Proceeds from bank borrowings	5,369	9,496	11,419
Repayments of bank borrowings	(5,416)	(9,452)	(11,968)
Proceeds from exercise of share options	49		1,284
Payments relating to current Lease Liability		(238)
Net cash generated from financing activities	2,509	3,540	735
(Decrease)/increase in cash, cash equivalents and restricted cash	8,776	7,782	(21,938)
Cash, cash equivalents and restricted cash at beginning of year	14,921	7,868	30,226
Effect of exchange rates on cash, cash equivalents and restricted cash	(326)	(729)	(420)
Cash, cash equivalents and restricted cash at end of year	23,371	14,921	7,868
Supplemental disclosure of cash flow information
Interest paid	(133)	(426)	(188)
Cash paid for amounts include in operating lease liabilities		(15)
Supplemental disclosure of non-cash operating activities
Right-of-use assets obtained in exchange for operating lease obligations	$ 2,806	$ 444

Intangible Assets, Net (Details) - Schedule of Estimated Aggregate Amortization Expenses - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Estimated Aggregate Amortization Expenses [Abstract]
2024	$ 138
2025	126
2026	108
2027	103
2028	70
Thereafter	107
Total	$ 652	$ 802

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net

(In thousands)	December 31, 2022			December 31, 2023
Accounts receivable		10,480			10,690
Less: Allowance for doubtful accounts		(4,519	)		(4,201	)
Accounts receivable, net		5,961			6,489

Schedule of Presents Movement in the Allowance for Doubtful Accounts

The following table presents movement in the allowance for doubtful accounts:

(In thousands)	December 31, 2021			December 31, 2022			December 31, 2023
Balance at beginning of the year		3,289			3,350			4,519
Additions		67			1,273			668
Reversal		(22	)		(26	)		(806	)
Written off		—			—			(142	)
Exchange difference		16			(78	)		(38	)
Balance at end of the year		3,350			4,519			4,201

Share-Based Awards (Details) - Schedule of Restricted Shares Activity - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Restricted Shares Activity [Abstract]
Outstanding, Beginning balance	7,970,930	2,916,100
Granted	6,655,170	8,822,010	6,261,100
Forfeited	(1,000,000)		(345,000)
Vested	(5,629,400)	(3,767,180)	(3,000,000)
Outstanding, Ending balance	7,996,700	7,970,930	2,916,100

Organization and Principal Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Organization and principal activities [Abstract]
Settle obligations Of VIEs amounting	$ 3.8	$ 3.8

Share-Based Awards (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

May 31, 2023

Jan. 01, 2023

Nov. 30, 2022

Aug. 30, 2022

Mar. 01, 2022

Feb. 11, 2022

Jan. 27, 2022

Jan. 01, 2022

Jul. 01, 2021

Feb. 26, 2021

Jan. 27, 2021

Aug. 03, 2020

Aug. 12, 2019

Sep. 22, 2016

Jan. 28, 2015

Oct. 31, 2021

Nov. 27, 2020

Apr. 27, 2020

Jul. 31, 2019

Dec. 31, 2018

Jan. 31, 2015

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-Based Awards (Details) [Line Items]

Ordinary shares vesting period

4 years

5 years

Number of granted share

6,655,170

8,822,010

6,261,100

Granted shares

716,420

820,000

Dividend rate

^[1]

0.00%

Unrecognized share-based compensation expenses (in Dollars)

$ 353

Common Stock [Member]

Share-Based Awards (Details) [Line Items]

Dividend rate

0.00%

2019 Plan [Member]

Share-Based Awards (Details) [Line Items]

Granted shares

616,420

140,000

2018 Stock Option Scheme [Member]

Share-Based Awards (Details) [Line Items]

Maximum aggregate number of ordinary shares can be issued

55,980,360

Granted shares

1,000,000

5,414,300

200,000

4,963,017

12,187,420

Revised 2018 [Member]

Share-Based Awards (Details) [Line Items]

Maximum aggregate number of ordinary shares can be issued

40,147,720

Granted shares

100,000

680,000

Restricted Stock [Member]

Share-Based Awards (Details) [Line Items]

Ordinary shares vesting period

4 years

5 years

Unrecognized share-based compensation expenses (in Dollars)

$ 1,123

Restricted Stock [Member] | 2019 Plan [Member]

Share-Based Awards (Details) [Line Items]

Number of granted share

5,530,000

1,125,170

2,000,000

6,485,990

172,500

163,520

239,600

3,304,000

2,717,500

Total number of shares issued and outstanding rate

1.00%

[1]	Expected dividend yield is assumed to be 0% as the Company has no history or expectation of paying dividend on its ordinary shares.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Schedule of Commitments for Lease Ancillary Services Fees

The Company also has commitments including commitments for lease ancillary services fees. As of December 31, 2023, these commitments are analyzed as follows:

Year	(In thousands)
2024		39
2025		16
Total		55

Additional Information: Condensed Financial Statements of the Company (Details) - Schedule of Condensed Statement of Cash Flows of the Parent Company - Parent [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net cash used in operating activities	$ (605)	$ (3,355)	$ (1,483)
Cash flows from investing activities
Intercompany fund transfers	200		(3,000)
Net cash (used in)/generated from investing activities	200		(3,000)
Cash flows from financing activities
Proceeds from exercise of share options	49		1,284
Proceeds from issuance of convertible bonds		4,735
Redemption of convertible bonds		(1,050)
Net cash generated from financing activities	49	3,685	1,284
(Decrease)/increase in cash, cash equivalents and restricted cash	(356)	330	(3,199)
Cash, cash equivalents and restricted cash at beginning of year	463	133	3,332
Cash, cash equivalents and restricted cash at end of year	$ 107	$ 463	$ 133

Concentration and Risks

12 Months Ended

Dec. 31, 2023

Concentration and Risks [Abstract]

Concentration and Risks

4.	Concentration and Risks

(a)

Foreign exchange risk

The revenues and expenses of the Company’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies.

(b)

Credit risk

Financial instruments that potentially expose the Company to credit risk consist primarily of cash and cash equivalents, short-term deposit and accounts receivable. The Company places its cash and cash equivalents and short-term deposit with financial institutions with high credit ratings and quality.

The Company conducts credit evaluations of third-party customers and related parties, and generally does not require collateral or other security from its third-party customers and related parties. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific third-party customers and related parties.

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

27.

Subsequent Events

The Company has evaluated events subsequent to the balance sheet date of December 31, 2023 through March 28, 2024, the issuance of the consolidated financial statement and did not identify any other subsequent events with material financial impact on the Company’s consolidated financial statements.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Commitments and contingencies

24.

Commitments and contingencies

(a)

Purchase commitment for purchase of data

As of December 31, 2023, the Company has future minimum purchase commitment related to the purchase of data of US$3,299 thousand, US$1,121 thousand and US$109 thousand within 2024, 2025 and 2026, respectively.

(b)

Other commitments

The Company also has commitments including commitments for lease ancillary services fees. As of December 31, 2023, these commitments are analyzed as follows:

Year	(In thousands)
2024		39
2025		16
Total		55

(c)

Contingencies

In August 2018, two affiliates of SIMO, namely Shenzhen Sibowei’ersi Technology Co., Ltd. and Shenzhen Skyroam Technology Co., Ltd., jointly filed a complaint against Shenzhen uCloudlink Network Technology Co., Ltd. in Guangzhou Intellectual Property Court in the PRC alleging patent infringements and claimed damages up to RMB10.5 million (equivalent to US$1.6 million). The Company has filed an invalidation petition against their alleged patent in Patent Reexamination Board of National Intellectual Property Administration in the PRC. On July 16, 2019, the Patent Reexamination Board of National Intellectual Property Administration issued a reexamination decision which invalidated the plaintiffs’ alleged patent in its entirety with respect to the patent infringement allegation. The first hearing of this lawsuit was held on May 13, 2019. The plaintiffs applied to withdraw the lawsuit, which has been approved on August 14, 2019. In October 2019, Shenzhen Sibowei’ersi Technology Co., Ltd. filed a complaint against the National Intellectual Property Administration in Beijing Intellectual Property Court in PRC petitioning the withdrawal of the foregoing reexamination decision of invalidity and reach of a new reexamination decision. In December 2020, the Beijing Intellectual Property Court entered its judgment which upheld National Intellectual Property Administration’s invalidation decision. Sibowei’ersi Technology Co., Ltd. has appealed against such judgment. On October 11, 2022, the Supreme People’s Court issued the judgement upholding Beijing Intellectual Property Court’s invalidation decision.

The Company believes the aforementioned allegations are without merit and will defend vigorously. The Company considers that the likelihood of an unfavorable outcome is not probable or is unable to estimate the amount or the range of the possible loss. Therefore, no accrual has been recorded by the Company as of December 31, 2023 in respect of these proceedings.

Other Investments (Details) $ in Thousands		12 Months Ended
Other Investments (Details) $ in Thousands	Jun. 30, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 JPY (¥)	Oct. 31, 2022 JPY (¥)	Oct. 22, 2022 shares
Other Investments (Details) [Line Items]
Fair value of the investment			$ 3
Purchased traded stock (in Shares) \| shares							100
Cash consideration (in Yen) \| ¥						¥ 364,148
Fair value investment		3			¥ 364,148
Investment Fund One [Member]
Other Investments (Details) [Line Items]
Fair value of the investment	$ 15,000	7,610
Investment fund redemption notice period	1 month
Fair value loss			5,543
Fair value gain		566
Investment Fund Two [Member]
Other Investments (Details) [Line Items]
Fair value of the investment	$ 17,100
Fair value loss		3,314	$ 7,415
Investment fund redemption period	3 years
Redeemed investment		$ 1,300

Restricted Net Assets (Details) $ in Thousands	12 Months Ended
Restricted Net Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Restricted Net Assets (Details) [Line Items]
Percentage of general reserve fund of registered capital	50.00%
Restricted net assets (in Dollars)	$ 105,852
Restricted net assets exceeded percentage	25.00%
PRC [Member]
Restricted Net Assets (Details) [Line Items]
Percentage of income after tax to reserve	10.00%

Prepayments and Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepayments and Other Assets [Abstract]

Schedule of Prepayments and Other Assets

(In thousands)	December 31, 2022		December 31, 2023
Prepayments		2,850		4,057
Deposits		1,215		1,330
VAT recoverable		715		1,061
Others		163		196
Total of prepayments and other assets		4,943		6,644

Schedule of Current and Non Current Prepayments and Other Assets

(In thousands)	December 31, 2022		December 31, 2023
Current		4,255		6,416
Non-current		688		228
Total of prepayments and other assets		4,943		6,644

Impact of COVID-19

12 Months Ended

Dec. 31, 2023

Impact of COVID-19 [Abstract]

Impact of COVID-19

26.

Impact of COVID-19

Following the COVID-19 outbreak since early 2020, a series of precautionary and control measures have been implemented by the Chinese government, including but not limited to extending the Chinese New Year holiday, quarantine measures and travel restrictions. These measures have resulted in drop in outbound travelers from China and mainly impacted the Company’s Roamingman business.

The COVID-19 pandemic has led governments and other authorities around the world to impose measures intended to control its spread, including restrictions on freedom of movement, gatherings of large numbers of people, and business operations such as travel bans, border closings, business closures, quarantines, shelter-in-place orders and social distancing measures. These measures have caused a severe decline in the level of business and leisure travel around the globe. This has resulted in the reduction in demands for the Company’s international data connectivity services.

The net cash used in operating activities of the Company was US$21,738 thousand for the year ended December 31, 2021. However, the net cash provided by operating activities of the Company was US$4,404 thousand and US$6,507 thousand for the year ended December 31, 2022 and 2023, respectively. The Company will evaluate its financial and cash flow positions from time to time and intend to mitigate liquidity risk by implementing operational measures such as costs cutting. The extent of the impact of the COVID-19 on the Company’s operational and financial performance will be monitored carefully.

Share-Based Awards

12 Months Ended

Dec. 31, 2023

Share-Based Awards [Abstract]

Share-based awards

10.

Share-based awards

Compensation expense recognized for share-based awards was as follow:

	Years ended December 31,
Share-based compensation expenses (In thousands)	2021		2022		2023
—Restricted Shares ^(a)		5,573		1,006		1,999
—Share options^(b)		3,184		2,092		1,316
Total		8,757		3,098		3,315

(a)

Restricted Shares

As described in note 8(ii), all ordinary shares of the Company held by certain senior management were subject to a vesting period of 5 years from January 2015 (which was shortened to 4 years on September 22, 2016).

As described in note 10(b), in July 2019, the shareholders and board of directors of the Company approved the 2019 Share Incentive Plan (“the 2019 Plan”).

On January 27, 2021, February 26, 2021, and July 1, 2021, the Company granted 2,717,500, 3,304,000 and 239,600 restricted share units respectively to its employees, directors, and other consultants, pursuant to the 2019 Plan.

On January 1, 2022, January 27, 2022, August 30, 2022, and November 30, 2022, the Company granted 163,520, 172,500, 6,485,990 and 2,000,000 restricted share units respectively to its employees, directors, and other consultants, pursuant to the 2019 Plan.

On January 1, 2023, the Company granted 1,125,170 restricted share units to its employees, directors, and other consultants, pursuant to the 2019 Plan.

On May 31, 2023, the Company granted 5,530,000 restricted share units to its employees, directors, and other consultants, pursuant to the 2019 Plan.

The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.

A summary of the Restricted Shares activity for the years ended December 31, 2021, 2022 and 2023 is presented below:

(Number of shares)	Number of Restricted Shares
Outstanding as of January 1, 2021		—
Granted		6,261,100
Forfeited		(345,000	)
Vested		(3,000,000	)
Outstanding as of December 31, 2021		2,916,100
Granted		8,822,010
Vested		(3,767,180	)
Outstanding as of December 31, 2022		7,970,930
Granted		6,655,170
Forfeited		(1,000,000	)
Vested		(5,629,400	)
Outstanding as of December 31, 2023		7,996,700

(b)

Share options

In December 2018, the Company adopted a share incentive plan, which is referred to as the 2018 Stock Option Scheme (“the 2018 Plan”). The purpose of the plan is to attract and retain the best available personnel by linking the personal interests of the members of the board, employees, and consultants to the success of the Company’s business and by providing such individuals with an incentive to reward their performance. Under the 2018 Plan, the maximum number of shares in respect of which options, restricted shares, or restricted share units may be granted is 55,980,360 shares.

In July 2019, the Company adopted the Amended and Restated 2018 Stock Option Scheme (“Revised 2018 Plan”), which amends the previously adopted 2018 Stock Option Scheme, pursuant to which the Company may grant awards to directors, officers and employees. The maximum aggregate number of ordinary shares that may be issued under Revised 2018 Plan was 40,147,720 ordinary shares.

In July 2019, the shareholders and board of directors of the Company also approved the 2019 Plan. Under the 2019 Plan, which will be increased by a number equal to 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year on the first day of each fiscal year, commencing with the fiscal year ended December 31, 2020, if determined and approved by the board of directors for the relevant fiscal year.

On December 31, 2018 and August 12, 2019, the Company granted 12,187,420 and 5,414,300 share options to employees and certain senior management pursuant to the 2018 Plan and the Revised 2018 Plan respectively.

On April 27, 2020, August 3, 2020 and November 27, 2020, the Company granted 4,963,017, 1,000,000 and 200,000 share options to employees, directors and officers respectively pursuant to the Revised 2018 Plan.

On July 1, 2021, the Company granted 680,000 share options respectively to its employees pursuant to the Revised 2018 Plan.

On October 31, 2021 the Company granted 140,000 share options to other consultant pursuant to the 2019 Plan.

On February 11, 2022 the Company granted 616,420 share options to other consultant pursuant to the 2019 Plan.

On March 1, 2022 the Company granted 100,000 share options to its employee pursuant to the 2019 Plan.

These options were granted with exercise prices denominated in US$. The grantees can exercise vested options after the commencement date of exercise and before the end of its contractual term (i.e., 6 years after the commencement date of exercise).

All share-based payments to employees are measured based on their grant-date fair values. Compensation expense is recognized by graded vesting method.

A summary of the changes in the share options granted by the Company during the years ended December 31, 2021, 2022 and 2023 is as follows:

	Number of share options			Weighted average exercise price		Aggregate intrinsic value
Outstanding as of January 1, 2021		22,298,757		$	0.54	$	57,082,970
Granted		820,000		$	0.68	$	171,820
Forfeited		(1,973,636	)	$	0.56	$	(3,388,792	)
Exercised		(1,919,760	)	$	0.52	$	(5,939,067	)
Outstanding as of December 31, 2021		19,225,361		$	0.54	$	47,926,931
Exercisable as of December 31, 2021		13,478,069		$	0.55	$	38,703,590
Granted		716,420		$	0.81	$	(458,564	)
Forfeited		(1,936,841	)	$	0.74	$	(2,428,038	)
Outstanding as of December 31, 2022		18,004,940		$	0.53	$	45,040,329
Exercisable as of December 31, 2022		14,644,270		$	0.54	$	39,789,170
Forfeited		(885,560	)	$	0.56	$	(2,409,012	)
Exercised		(97,200	)	$	0.50	$	(302,604	)
Outstanding as of December 31, 2023		17,022,180		$	0.53	$	42,328,713
Exercisable as of December 31, 2023		14,301,480		$	0.54	$	38,503,322

The Company calculated the estimated fair value of an options on the grant date using the binomial option pricing model with assistance from an independent valuation firm. Assumptions used to determine the fair value of share options granted during the years ended December 31, 2021, 2022 and 2023 is summarized in the following table:

	Years ended December 31,
(In thousands)	2021			2022			2023
Risk-free interest rate⁽ⁱ⁾		1.22%-1.52	%		0.90%-1.67	%		N/A
Expected dividend yield⁽ⁱⁱ⁾		0.00	%		0.00	%		N/A
Expected volatility⁽ⁱⁱⁱ⁾		35.01%-36.00	%		29.44%-34.81	%		N/A
Grant date fair value	$	0.06-$0.65		$	0.00-$0.0044			N/A

(i)	Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect at the time of grant.

(ii)	Expected dividend yield is assumed to be 0% as the Company has no history or expectation of paying dividend on its ordinary shares.

(iii)

Expected volatility is assumed based on the historical volatility of the Company’s comparable companies in the period equal to the expected life of each grant.

As of December 31, 2023, the unrecognized share-based compensation expenses related to share options and restricted share units granted by Company were US$353 thousand and US$1,123 thousand respectively.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of voting power	50.00%
Number of operating segments	1
Contract liabilities				$ 889
Revenue included in contract liability	$ 1,052	$ 1,575	$ 889
Advertising and promotional expenses	3,923	2,217	2,846
Contributions by employer to plan	708	1,909	3,074
Inventory write-downs	657	138	12
Allowance for doubtful accounts	4,201	4,519	3,350		$ 3,289
Asset impairment		80
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
VIEs’ non-cash operating expenses		500	400
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
VIEs’ non-cash operating expenses		$ 2,500	$ 4,700

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.00005	$ 0.00005
Ordinary shares, authorized	1,700,000,000	1,700,000,000
Ordinary shares, issued	252,412,720	246,686,120
Ordinary shares, outstanding	252,412,720	246,686,120
Class B Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.00005	$ 0.00005
Ordinary shares, authorized	200,000,000	200,000,000
Ordinary shares, issued	122,072,980	122,072,980
Ordinary shares, outstanding	122,072,980	122,072,980

Other Investments (Details) - Schedule of Other Investments - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Schedule of Other Investments [Abstract]

Current

^[1],[2],[3]

$ 7,613

$ 11,690

[1]	In June 2020, the Company made an investment in an investment fund, which was classified as a debt security carried at fair value, for a cash consideration of US$17,100 thousand, for which the underlying assets were mainly comprised of unlisted bonds and subordinated debentures, for a period of 3 years. The debt security was measured and recorded at fair value on a recurring basis based on the quoted price by the asset management company, which was the executable transaction prices and the amounts that redemption and new purchases can be made and classified as level 2 inputs. There was a fair value loss of US$7,415 thousand for the year ended December 31,2022 and a fair value loss of US$3,314 thousand for the year ended December 31, 2023. In December, 2023, the Company fully redeemed the investment with amount of US$1.3 million.
[2]	In June 2020, the Company made an investment in an investment fund, which was classified as an equity security, for a cash consideration of US$15,000 thousand, for which the underlying assets were mainly comprised of debt securities and equity securities. It is redeemable at the option of the Company with one-month notice. The equity security was measured and recorded at fair value on a recurring basis based on the quoted price by the investment fund which was the executable transaction prices and the amounts that redemption and new purchases can be made and classified as level 2 inputs. There was a fair value loss of US$5,543 thousand for the year ended December 31, 2022 and a fair value gain of US$566 thousand for the year ended December 31, 2023. As of December 31, 2023, the fair value of the investment was US$7,610 thousand.
[3]	In October 2022, the Company purchased a publicly traded stock of 100 shares for a cash consideration of JPY364,148 on the Japanese stock market. As of December 31, 2023, the fair value of the investment was US$3 thousand (JPY364,148).

Organization and Principal Activities (Details) - Schedule of Principal Subsidiaries	12 Months Ended
	Dec. 31, 2023
UCLOUDLINK (HK) LIMITED [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Hong Kong
Date of incorporation	Sep. 02, 2014
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Holding company
HONG KONG UCLOUDLINK NETWORK TECHNOLOGY LIMITED [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Hong Kong
Date of incorporation	Oct. 25, 2010
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Holding company, information technology services and sales of terminals and data related products
Shenzhen Ucloudlink Technology Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	PRC
Date of incorporation	Jul. 09, 2015
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Technology research and development
Shenzhen uCloudlink Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	PRC
Date of incorporation	Jun. 07, 2018
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Hardware exportation
Beijing uCloudlink Technology Co., Ltd. (“Beijing uCloudlink”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	PRC
Date of incorporation	Jan. 29, 2015
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Holding company
UCLOUDLINK (SINGAPORE) PTE.LTD [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Singapore
Date of incorporation	May 15, 2017
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
UCLOUDLINK (UK) CO. LTD [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	UK
Date of incorporation	Oct. 13, 2014
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
Ucloudlink (America), Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	USA
Date of incorporation	Aug. 01, 2016
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
UCLOUDLINK SDN.BHD [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Malaysia
Date of incorporation	Aug. 24, 2017
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
uCloudlink Japan Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Japan
Date of incorporation	Mar. 07, 2018
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
Shenzhen uCloudlink Network Technology Co., Ltd. (“Shenzhen uCloudlink”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	PRC
Date of incorporation	Aug. 14, 2014
Relationship	Subsidiary and Consolidated former VIE
% of direct or indirect economic ownership	100.00%
Principal activities	Holder of value-added telecommunications services license, information technology services and sales of terminals and data related products
Beijing uCloudlink New Technology Co., Ltd. (“Beijing Technology”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	PRC
Date of incorporation	Nov. 15, 2014
Relationship	Subsidiary and Consolidated former VIE
% of direct or indirect economic ownership	100.00%
Principal activities	Information technology services and sales of terminals and data related products
PT UCLOUDLINK TECHNOLOGIES PMA [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	Indonesia
Date of incorporation	Sep. 27, 2018
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
UCLOUDLINK UK LIMITED [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	UK
Date of incorporation	Feb. 24, 2021
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing
Shenzhen Yulian Cloud Technology Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Place of incorporation	PRC
Date of incorporation	Feb. 22, 2022
Relationship	Subsidiary
% of direct or indirect economic ownership	100.00%
Principal activities	Sales and marketing

Accounts Receivable, Net (Details) - Schedule of Presents Movement in the Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Presents Movement in the Allowance for Doubtful Accounts [Abstract]
Balance at beginning of the year	$ 4,519	$ 3,350	$ 3,289
Additions	668	1,273	67
Reversal	(806)	(26)	(22)
Written off	(142)
Exchange difference	(38)	(78)	16
Balance at end of the year	$ 4,201	$ 4,519	$ 3,350

Share-Based Awards (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Awards [Abstract]

Schedule of Compensation Expense Recognized for Share-Based Awards

Compensation expense recognized for share-based awards was as follow:

	Years ended December 31,
Share-based compensation expenses (In thousands)	2021		2022		2023
—Restricted Shares ^(a)		5,573		1,006		1,999
—Share options^(b)		3,184		2,092		1,316
Total		8,757		3,098		3,315

(a)

Restricted Shares

(b)

Share options

Schedule of Restricted Shares Activity

A summary of the Restricted Shares activity for the years ended December 31, 2021, 2022 and 2023 is presented below:

(Number of shares)	Number of Restricted Shares
Outstanding as of January 1, 2021		—
Granted		6,261,100
Forfeited		(345,000	)
Vested		(3,000,000	)
Outstanding as of December 31, 2021		2,916,100
Granted		8,822,010
Vested		(3,767,180	)
Outstanding as of December 31, 2022		7,970,930
Granted		6,655,170
Forfeited		(1,000,000	)
Vested		(5,629,400	)
Outstanding as of December 31, 2023		7,996,700

Schedule of Changes in the Share Options Granted

A summary of the changes in the share options granted by the Company during the years ended December 31, 2021, 2022 and 2023 is as follows:

	Number of share options			Weighted average exercise price		Aggregate intrinsic value
Outstanding as of January 1, 2021		22,298,757		$	0.54	$	57,082,970
Granted		820,000		$	0.68	$	171,820
Forfeited		(1,973,636	)	$	0.56	$	(3,388,792	)
Exercised		(1,919,760	)	$	0.52	$	(5,939,067	)
Outstanding as of December 31, 2021		19,225,361		$	0.54	$	47,926,931
Exercisable as of December 31, 2021		13,478,069		$	0.55	$	38,703,590
Granted		716,420		$	0.81	$	(458,564	)
Forfeited		(1,936,841	)	$	0.74	$	(2,428,038	)
Outstanding as of December 31, 2022		18,004,940		$	0.53	$	45,040,329
Exercisable as of December 31, 2022		14,644,270		$	0.54	$	39,789,170
Forfeited		(885,560	)	$	0.56	$	(2,409,012	)
Exercised		(97,200	)	$	0.50	$	(302,604	)
Outstanding as of December 31, 2023		17,022,180		$	0.53	$	42,328,713
Exercisable as of December 31, 2023		14,301,480		$	0.54	$	38,503,322

Schedule of Fair Value of Share Options Granted

Assumptions used to determine the fair value of share options granted during the years ended December 31, 2021, 2022 and 2023 is summarized in the following table:

	Years ended December 31,
(In thousands)	2021			2022			2023
Risk-free interest rate⁽ⁱ⁾		1.22%-1.52	%		0.90%-1.67	%		N/A
Expected dividend yield⁽ⁱⁱ⁾		0.00	%		0.00	%		N/A
Expected volatility⁽ⁱⁱⁱ⁾		35.01%-36.00	%		29.44%-34.81	%		N/A
Grant date fair value	$	0.06-$0.65		$	0.00-$0.0044			N/A

(i)	Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect at the time of grant.

(ii)	Expected dividend yield is assumed to be 0% as the Company has no history or expectation of paying dividend on its ordinary shares.

(iii)

Expected volatility is assumed based on the historical volatility of the Company’s comparable companies in the period equal to the expected life of each grant.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

23.

Related party transactions

(a)

Related parties

As of December 31, 2023, the name and relationship with material related parties are as follows:

Related Party		Relationship with the Company
Maya		Equity method investee of the Company
Beijing Huaxianglianxin Technology Company		Equity method investee of the Company
iQsim S.A.		Equity method investee of the Company

(b)

During the years ended December 31, 2021, 2022 and 2023, other than disclosed elsewhere, the Company had the following material related party transactions:

	Years ended December 31,
(In thousands)	2021		2022		2023
Revenue from provision of data connectivity services, PaaS and SaaS services and sales of terminals and data related products:
Maya		9,370		6,202		10,770
Beijing Huaxianglianxin Technology Company		984		334		36
Purchase of data connectivity service:
Maya		26		4		2
Beijing Huaxianglianxin Technology Company		87		6		—

(c)

The Company had the following related parties balances as of December 31, 2022 and December 31, 2023:

(In thousands)	December 31, 2022		December 31, 2023
Deposits received from related parties:
Maya		1,238		1,055
Contract liability:
Maya		222		175
Amounts payable to related parties:
Maya		1		—
Beijing Huaxianglianxin Technology Company		20		20
Amounts receivable from related parties:
Maya		684		2,943
Beijing Huaxianglianxin Technology Company		14		2

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Accounts Payable, Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accounts Payable, Accrued Expenses and Other Liabilities [Abstract]

Accounts payable, accrued expenses and other liabilities

21.

Accounts payable, accrued expenses and other liabilities

(In thousands)	December 31, 2022		December 31, 2023
Accounts payable to suppliers		6,832		5,314
Accrued bonus and staff costs		20,256		21,199
Other deposits		1,026		832
Other taxes payable (note)		461		345
Accrued professional fees		1,462		1,166
Accrued marketing expenses		101		177
Others		708		1,036
Total		30,846		30,069

Note:

Other taxes payable represents business tax, VAT and related surcharges and PRC individual income tax of employees withheld by the Company.

Organization and Principal Activities

12 Months Ended

Dec. 31, 2023

Organization and principal activities [Abstract]

Organization and principal activities

1.	Organization and principal activities

(a)

History and organization

UCLOUDLINK GROUP INC. (the “Company”) was incorporated in the Cayman Islands on 25 August 2014 as an exempted company with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. Before March 17,2022, the Company through its consolidated subsidiaries and the former consolidated variable interest entities (the “VIE”) (collectively, the “Group”) is principally engaged in the provision of data connectivity services and sales of Wi-Fi terminals and data related products to enable personal and enterprise users to access mobile internet in more than 100 countries and areas. Due to the legal restrictions of the People’s Republic of China (the “PRC”) on foreign ownership of data connectivity services license required by the business model the Company had been using before March 17,2022, the Company conducts its business operations in the PRC through its former VIEs.

On March 17, 2022, Beijing uCloudlink, the former VIEs, the nominee shareholders of the former VIEs and the spouses of the shareholders of Beijing Technology entered into termination agreements respectively, to terminate these contractual arrangements. Beijing uCloudlink issued a confirmation letter to designate Shenzhen Ucloudlink Technology Limited., or Shenzhen Technology, to exercise the exclusive option right to purchase all equity interests of Beijing Technology from its shareholders according to the abovementioned option agreement. Accordingly, Shenzhen Technology entered into an equity interest transfer agreement with the shareholders of Beijing Technology, and was registered as the sole shareholder of Beijing Technology since March 17, 2022. All contractual arrangements were terminated since then.

(b)

Principal subsidiaries and former VIEs

As of December 31, 2023, the details of the Company’s principal subsidiaries and former VIEs were as follows:

Entity

Place of
incorporation

Date of
incorporation

Relationship

% of
direct
or indirect
economic
ownership

Principal activities

UCLOUDLINK (HK) LIMITED

Hong Kong

2 September 2014

Subsidiary

100

Holding company

HONG KONG UCLOUDLINK NETWORK TECHNOLOGY LIMITED

Hong Kong

25 October 2010

Subsidiary

100

Holding company,
information technology
services and sales of
terminals and data
related products

Shenzhen Ucloudlink Technology Limited

PRC

9 July 2015

Subsidiary

100

Technology research
and development

Shenzhen uCloudlink Co., Ltd.

PRC

7 June 2018

Subsidiary

100

Hardware exportation

Beijing uCloudlink Technology Co., Ltd. (“Beijing uCloudlink”)

PRC

29 January 2015

Subsidiary

100

Holding company

UCLOUDLINK (SINGAPORE) PTE.LTD

Singapore

15 May 2017

Subsidiary

100

Sales and marketing

UCLOUDLINK (UK) CO. LTD

13 October 2014

Subsidiary

100

Sales and marketing

Ucloudlink (America), Ltd.

USA

1 August 2016

Subsidiary

100

Sales and marketing

UCLOUDLINK SDN.BHD

Malaysia

24 August 2017

Subsidiary

100

Sales and marketing

uCloudlink Japan Co., Ltd.

Japan

7 March 2018

Subsidiary

100

Sales and marketing

Shenzhen uCloudlink Network Technology Co., Ltd. (“Shenzhen uCloudlink”)

PRC

14 August 2014

Subsidiary and Consolidated former VIE

100

Holder of value-added
telecommunications
services license,
information technology
services and sales of
terminals and data
related products

Beijing uCloudlink New Technology Co., Ltd. (“Beijing Technology”)

PRC

15 November 2014

Subsidiary and Consolidated former VIE

100

Information technology
services and sales of
terminals and data
related products

PT UCLOUDLINK TECHNOLOGIES PMA

Indonesia

27 September 2018

Subsidiary

100

Sales and marketing

UCLOUDLINK UK LIMITED

24 February 2021

Subsidiary

100

Sales and marketing

Shenzhen Yulian Cloud Technology Co., Ltd.

PRC

22 February 2022

Subsidiary

100

Sales and marketing

Refer to Note 2.3 for the consolidated financial information of the Company’s former VIEs as of December 31, 2022.

(c)

Variable Interest Entities

Before March 17, 2022, the Company has entered into certain exclusive technical services agreements with certain PRC domestic companies, which entitle it to receive a majority of their residual returns and make it obligatory for the Company to absorb a majority of the risk of losses from their activities. In addition, the Company has entered into certain agreements with the equity holders of these PRC domestic companies, including loan agreements that require them to contribute registered capital to those PRC domestic companies, exclusive call option agreements to acquire the equity interests in these companies when permitted by the PRC laws, rules and regulations, equity pledge agreements of the equity interests held by those equity holders, and proxy agreements that irrevocably authorize individuals designated by the Company to exercise the equity owner’s rights over these PRC domestic companies.

Details of the typical structure of the Group’s former significant VIEs are set forth below:

(i)

VIE agreements among Beijing uCloudlink, Shenzhen uCloudlink and its nominee shareholders

The following is a summary of the contractual arrangements entered among Beijing uCloudlink, Shenzhen uCloudlink and its nominee shareholder:

●

Exclusive Technology Support and Technology Services Agreement

Under the exclusive technology support and technology services agreement between Beijing uCloudlink and Shenzhen uCloudlink, Beijing uCloudlink has the exclusive right to provide to Shenzhen Ucloudlink technology support and technology services related to all technologies needed for its business. Beijing uCloudlink owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Shenzhen uCloudlink to Beijing uCloudlink is determined by the revenue of Shenzhen uCloudlink less the expenditures incurred for operation and capital purpose, or at an amount subject to mutual negotiation and agreement between the parties. The term of this agreement will expire only upon the liquidation of Shenzhen uCloudlink.

●

Exclusive Business Operation Agreement

Under the exclusive business operation agreement among Beijing uCloudlink, Shenzhen uCloudlink and Beijing Technology, which is the sole shareholder of Shenzhen uCloudlink, Shenzhen uCloudlink and Beijing Technology undertake that without Beijing uCloudlink’s prior written consent, Shenzhen uCloudlink shall not enter into any transactions that may have a material effect on Shenzhen uCloudlink’s assets, business, personnel, obligations, rights or business operations. Shenzhen uCloudlink and Beijing Technology agree that to the extent permitted by law, they will accept and unconditionally execute instructions from Beijing uCloudlink on business operations. Shenzhen uCloudlink and Beijing Technology also agree to elect directors nominated by Beijing uCloudlink and such directors shall nominate officers designated by Beijing uCloudlink. The business operation agreement will remain effective until the end of the dissolution of Shenzhen uCloudlink and Beijing Technology correspondingly, the term of which will be extended if Beijing uCloudlink’s business term is extended or as required by Beijing uCloudlink.

●

Exclusive Option Agreement

The parties to the exclusive option agreement are Beijing uCloudlink, Shenzhen uCloudlink and the shareholder of Shenzhen uCloudlink. Under the exclusive option agreement, the shareholder of Shenzhen uCloudlink irrevocably granted Beijing uCloudlink or its designated representative(s) an exclusive option to purchase all or part of his or its equity interests in Shenzhen uCloudlink at a consideration of RMB1 or any lower price to the extent permitted under PRC law. Beijing uCloudlink or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Beijing uCloudlink’s prior written consent, Shenzhen uCloudlink’s shareholder shall not sell, transfer, mortgage or otherwise dispose his equity interests in Shenzhen uCloudlink. The term of this agreement will expire only when the total assets of Shenzhen uCloudlink have been acquired by Beijing uCloudlink.

●

Powers of Attorney

Pursuant to the irrevocable power of attorney executed by each shareholder of Shenzhen uCloudlink, each such shareholder appointed Beijing uCloudlink as its attorney-in-fact to exercise such shareholders’ rights in Shenzhen uCloudlink, including, without limitation, the power to vote on its behalf on all matters of Shenzhen uCloudlink requiring shareholder approval under PRC laws and regulations and the articles of association of Shenzhen uCloudlink. Each power of attorney will remain in force until the termination of the Exclusive Business Cooperation Agreement.

●

Equity Interest Pledge Agreement

Pursuant to the share pledge agreement among Beijing uCloudlink, Shenzhen uCloudlink and the shareholder of Shenzhen uCloudlink, the shareholder of Shenzhen uCloudlink has pledged all of their equity interests in Shenzhen uCloudlink to Beijing uCloudlink to guarantee the performance by Shenzhen uCloudlink and its shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement, exclusive technology support and technology services agreement and powers of attorney. If Shenzhen uCloudlink and/or its shareholders breach their contractual obligations under those agreements, Beijing uCloudlink, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.

(ii)

VIE agreements among Beijing uCloudlink, Beijing Technology and its nominee shareholders

The following is a summary of the contractual arrangements entered among Beijing uCloudlink, Beijing Technology and its nominee shareholders:

●

Exclusive Technology Support and Technology Services Agreement

Under the exclusive technology support and technology services agreement between Beijing uCloudlink and Beijing Technology, Beijing uCloudlink has the exclusive right to provide to Beijing Technology technology support and technology services related to all technologies needed for its business. Beijing uCloudlink owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Beijing Technology to Beijing uCloudlink is determined by the revenue of Beijing Technology generated less the expenditures incurred for operation and capital purpose, or at an amount subject to mutual negotiation and agreement between the parties. The term of this agreement will expire only upon the liquidation of Beijing Technology.

●

Exclusive Business Operation Agreement

Beijing uCloudlink, Beijing Technology and the shareholders of Beijing Technology entered into exclusive business operation agreement under which Beijing Technology engages Beijing uCloudlink as its exclusive provider of technology support, business support and consulting services. Beijing Technology shall pay to Beijing uCloudlink service fees, which is determined by the revenue of Beijing Technology less the expenditures incurred for operation and capital purpose, subject to further mutual negotiation and agreement. Beijing uCloudlink shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising from the performance of the agreement. During the term of the agreement, Beijing Technology shall not accept any consultations and/or services provided by any third party and shall not cooperate with any third party for the provision of identical or similar services without prior consent of Beijing uCloudlink. The term of this agreement will expire only upon the liquidation of Beijing Technology or may be cancelled at Beijing uCloudlink’s sole discretion.

●

Exclusive Purchase Option Agreement

Under the exclusive purchase option agreement, the nominee shareholders of Beijing Technology have granted Beijing uCloudlink or its designated representative(s) irrevocably an exclusive option to purchase, to the extent permitted under PRC law, all or part of their equity interests in Beijing Technology at the lowest price permitted by the laws of the PRC applicable at the time of exercise. Beijing uCloudlink or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Beijing uCloudlink’s prior written consent, the nominee shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Beijing Technology. The term of this agreement will expire only when the total assets of Beijing Technology have been acquired by Beijing uCloudlink.

●

Power of Attorney

Pursuant to the irrevocable power of attorney, Beijing uCloudlink is authorized by each of the nominee shareholders as its attorney-in-fact to exercise such nominee shareholders’ rights in Beijing Technology , including, without limitation, the power to vote on its behalf on all matters of Beijing Technology requiring nominee shareholder approval under PRC laws and regulations and the articles of association of Beijing Technology and rights to information relating to all business aspects of Beijing Technology . Each power of attorney will remain in force until the termination of the Exclusive Business Cooperation Agreement.

●

Equity Interest Pledge Agreement

Pursuant to the equity pledge agreement, the nominee shareholders of Beijing Technology have pledged all of their equity interests in Beijing Technology to Beijing uCloudlink to guarantee the performance by Beijing Technology and its nominee shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive purchase option agreement, and powers of attorney. The nominee shareholders shall not transfer or assign the equity interests, the rights and obligations in the equity pledge agreement or create or permit to create any pledges which may have an adverse effect on the rights or benefits of Beijing uCloudlink without Beijing uCloudlink’s written consent. If Beijing Technology and/or its nominee shareholders breach their contractual obligations under those agreements, Beijing uCloudlink, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.

Through the aforementioned contractual agreements, Shenzhen uCloudlink and Beijing Technology are considered VIEs and Beijing uCloudlink is the primary beneficiary because the Company, through Beijing uCloudlink has the ability to:

●

exercise effective control over Shenzhen uCloudlink and Beijing Technology;

●

receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from these VIEs as if it were their sole shareholder; and

●

have an exclusive option to purchase all of the equity interests in these VIEs.

(iii)

Risks in relation to the VIE structure

In accordance with various contractual agreements, the Company has the power to direct the activities of the VIEs and can have assets transferred out of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations of the respective VIEs, except for the registered capital of the VIEs amounting to approximately US$3.8 million and US$3.8 million, as of December 31, 2021 and 2022, respectively. As the respective VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Company is conducting certain businesses in the PRC through the VIEs, the Company may provide additional financial support on a discretionary basis in the future, which could expose the Company to a loss.

There is no VIE in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.

In the opinion of the Company’s management, the contractual arrangements among its subsidiary, the VIEs and their respective nominee shareholders are in compliance with the current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs in the consolidated financial statements.

In January 2015, the Ministry of Commerce (“MOFCOM”), released for public comment a proposed PRC law, the Draft Foreign Investment Enterprises (“FIE”) Law, that appears to include VIEs within the scope of entities that could be considered to be FIEs, that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the Draft FIE Law introduces the concept of “actual control” for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the Draft FIE Law includes control through contractual arrangements within the definition of “actual control”. If the Draft FIE Law is passed by the People’s Congress of the PRC and goes into effect in its current form, these provisions regarding control through contractual arrangements could be construed to include the Company’s contractual arrangements with its VIEs, and as a result, the Group’s VIEs could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The Draft FIE Law includes provisions that would exempt from the definition of FIEs where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens. The Draft FIE Law is silent as to what type of enforcement action might be taken against existing VIEs, that operates in restricted or prohibited industries and is not controlled by entities organized under PRC law or individuals who are PRC citizens. If the restrictions and prohibitions on FIEs included in the Draft FIE Law are enacted and enforced in their current form, the Company’s ability to use the contractual arrangements with its VIEs and the Company’s ability to conduct business through the VIEs could be severely limited.

The Company’s ability to control the VIEs also depends on the power of attorney exercised by Beijing uCloudlink to vote on all matters requiring shareholders’ approvals in the VIEs. As noted above, the Company believes these powers of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Company’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:

●

revoke the Company’s business and operating licenses;

●

require the Company to discontinue or restrict its operations;

●

restrict the Company’s right to collect revenues;

●

require the Company to restructure its operations, re-apply for the necessary licenses or relocate the Company’s businesses, staff and assets;

●

impose additional conditions or requirements with which the Company may not be able to comply; or

●

take other regulatory or enforcement actions against the Company that could be harmful to the Group’s business.

The imposition of any of these restrictions or actions may result in a material adverse effect on the Company’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Company to lose the right to direct the activities of the VIEs or the right to receive their economic benefits, the Company would no longer be able to consolidate the financial statements of the VIEs. In the opinion of management, the likelihood of losing the benefits in respect of the Company’s contractual arrangements with its VIEs is remote.

Through the evaluation of its business plan, the Company has decided to adjust its business model in the PRC. The Company believes it will no longer require the specific certificate for offering internet access services that could fall within the scope of prohibited or restricted categories for foreign investment in the PRC. The Company terminated the contractual arrangements with its VIEs on March 17, 2022, including Beijing Technology and Shenzhen uCloudlink. The equity of its VIEs was transferred to Shenzhen Ucloudlink Technology Limited on the same day, and previous VIEs have become wholly-owned subsidiaries of Shenzhen Ucloudlink Technology Limited. The Company believes the restructuring will not affect its international data connectivity services in the PRC. The Company will transform and carry out the PaaS and SaaS platform services in the PRC in cooperation with local business partners which have the required licenses to provide local data connectivity services in the PRC.

Refer to Note 2.3 for the consolidated financial information of the Company’s former VIEs as of December 31, 2021 and 2022.

Commitments and Contingencies (Details) - Schedule of Commitments for Lease Ancillary Services Fees - Ancillary Services Fees [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies (Details) - Schedule of Commitments for Lease Ancillary Services Fees [Line Items]
2024	$ 39
2025	16
Total	$ 55

Impact of COVID-19 (Details) - USD ($) $ in Thousands	12 Months Ended
Impact of COVID-19 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impact of COVID-19 [Abstract]
Net cash provided by operating activities	$ 6,507	$ 4,404	$ (21,738)

Summary of Significant Accounting Policies (Details) - Schedule of Assets, Liabilities, Results of Operations and Changes in Cash and Cash Equivalents of the Former VIEs - VIEs [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,951
Accounts receivable, net	474
Amounts due from subsidiaries	12,766
Property and equipment and intangible assets	775
Others	5,536
Total assets	21,502
Short term borrowings	574
Amounts due to parent and subsidiaries	60,029
Accounts payable, accrued expenses and other liabilities	12,690
Contract liabilities	62
Others	80
Total liabilities	73,435
Total shareholders’ deficit	(51,933)
Revenue (note a)	30,371	$ 30,979
Net (loss)/income	(4,349)	(16,244)
Net cash (used in)/generated from operating activities	858	(6,553)
Net cash used in investing activities	(430)	(178)
Net cash generated from financing activities	$ 1,230	$ 5,290

Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings [Abstract]

Short-term borrowings

22.

Short-term borrowings

(In thousands)	December 31, 2022		December 31, 2023
Current
Bank borrowings⁽ⁱ⁾		2,842		2,756
Other borrowings⁽ⁱⁱ⁾		34		2,541
Total		2,876		5,297

Note:

(i)	The Company’s short-term bank borrowings are primarily used for working capital and business development purposes and bear interest rate of 3.20% ~ 3.55% (2022: 4.00% ~ 5.55%) per annum, with a weighted average interest rate of 3.38% (2022: 4.86%) per annum.

Certain bank borrowings are guaranteed by certain of our directors, certain legal representative, certain subsidiary and other company as of December 31, 2022 and 2023.

(ii)

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable, Net - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accounts Receivable, Net [Abstract]
Accounts receivable	$ 10,690	$ 10,480
Less: Allowance for doubtful accounts	(4,201)	(4,519)
Accounts receivable, net	$ 6,489	$ 5,961

Related Party Transactions (Details) - Schedule of Related Party Transactions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Maya [Member]
Revenue from provision of data connectivity services, PaaS and SaaS services and sales of terminals and data related products:
Revenue from provision of data connectivity services	$ 10,770	$ 6,202	$ 9,370
Purchase of data connectivity service:
Purchase of data connectivity service	2	4	26
Beijing Huaxianglianxin Technology Company [Member]
Revenue from provision of data connectivity services, PaaS and SaaS services and sales of terminals and data related products:
Revenue from provision of data connectivity services	36	334	984
Purchase of data connectivity service:
Purchase of data connectivity service		$ 6	$ 87

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Inventories

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Inventories

14.

Inventories

(In thousands)	December 31, 2022			December 31, 2023
Raw materials		1,971			1,655
Finished goods		2,401			1,909
Less: write-down of obsolete inventories		(748	)		(1,381	)
Total inventories		3,624			2,183

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

Accounts receivable, net

13.

Accounts receivable, net

(In thousands)	December 31, 2022			December 31, 2023
Accounts receivable		10,480			10,690
Less: Allowance for doubtful accounts		(4,519	)		(4,201	)
Accounts receivable, net		5,961			6,489

The following table presents movement in the allowance for doubtful accounts:

(In thousands)	December 31, 2021			December 31, 2022			December 31, 2023
Balance at beginning of the year		3,289			3,350			4,519
Additions		67			1,273			668
Reversal		(22	)		(26	)		(806	)
Written off		—			—			(142	)
Exchange difference		16			(78	)		(38	)
Balance at end of the year		3,350			4,519			4,201

Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Inventories Abstract
Raw materials	$ 1,655	$ 1,971
Finished goods	1,909	2,401
Less: write-down of obsolete inventories	(1,381)	(748)
Total inventories	$ 2,183	$ 3,624

Taxation (Details) - Schedule of Per Share Effect of the Tax Holidays - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Per Share Effect of the Tax Holidays [Abstract]
Effect of tax holiday	$ (448)	$ 469	$ 1,786
Per share effect – basic	$ 0	$ 0	$ (0.01)

Taxation (Details) - Schedule of Reconciliations of the Income Tax Expenses - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Schedule of Reconciliations of the Income Tax Expenses [Abstract]

(Loss)/income before income tax

$ 2,524

$ (19,764)

$ (46,084)

Income tax computed at statutory PRC income tax rate (25%)

^[1]

631

(4,941)

(11,521)

Differential income tax rates applicable to certain entities comprising the Company

1,791

4,061

Effect of tax holiday

(448)

469

1,786

Permanent differences

^[2]

(174)

2,100

1,826

Change in valuation allowance

133

1,569

5,405

Accelerated deductions on research and development expenses

^[3]

(146)

(827)

(1,313)

Income tax expenses

$ 70

$ 161

$ 244

[1]	The PRC statutory income tax rate was used because the majority of the Company’s operations are based in the PRC.
[2]	Permanent differences primarily represent non-deductible expenses.
[3]	This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC.

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Convertible Promissory Notes (Details)		1 Months Ended	12 Months Ended
Convertible Promissory Notes (Details)	Jan. 06, 2022 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares	May 19, 2019 $ / shares
Convertible Promissory Notes (Details) [Line Items]
Ordinary shares, par value (in Dollars per share) \| $ / shares						$ 0.001
Ordinary shares issued (in Shares) \| shares			1,000,000		1,000,000
Amortization				$ 149,000
Convertible debenture principal redeemable amount		$ 1,000,000
Convertible Promissory Notes [Member]
Convertible Promissory Notes (Details) [Line Items]
Principal amount	$ 5,000,000
Debt purchase price percentage	95.00%
Maturity date			12 months
Interest rate			5.00%
Conversion price per share (in Dollars per share) \| $ / shares					$ 3.5
Debt conversion rate			85.00%
Beneficial conversion features	$ 939,376
Class A Ordinary Shares [Member]
Convertible Promissory Notes (Details) [Line Items]
Ordinary shares, par value (in Dollars per share) \| $ / shares			$ 0.00005	$ 0.00005
Class A Ordinary Shares [Member] \| Convertible Promissory Notes [Member]
Convertible Promissory Notes (Details) [Line Items]
Conversion of ordinary shares (in Shares) \| shares			76,943,540

Taxation (Details) - USD ($) $ in Thousands		12 Months Ended
Taxation (Details) - USD ($) $ in Thousands	Jan. 01, 2008	Dec. 31, 2023	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Taxation [Line Items]
Unified corporate income tax rate	25.00%
Preferential tax rate	15.00%	15.00%
Preferential tax rate extension period	3 years	3 years
Net operating loss carryforwards (in Dollars)		$ 129,654		$ 134,896	$ 100,986
Minimum [Member]
Taxation [Line Items]
Statutory income tax rate		15.00%
Carry-over period		5 years
Maximum [Member]
Taxation [Line Items]
Statutory income tax rate		25.00%
Carry-over period		10 years
Hong Kong [Memner]
Taxation [Line Items]
Statutory income tax rate		16.50%
Shenzhen Ucloudlink Technology Limited [Member]
Taxation [Line Items]
Preferential tax rate		15.00%	15.00%
Preferential tax rate extension period			3 years

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment, Net [Abstract]
Depreciation expenses	$ 985	$ 839	$ 2,022

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	UCLOUDLINK GROUP INC.
Document Type	20-F
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001775898
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39302
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Unit 2214-Rm1, 22/F, Mira Place Tower A
Entity Address, Address Line Two	132 Nathan Road, Tsim Sha Tsui
Entity Address, City or Town	Kowloon
Entity Address, Country	HK
Contact Personnel Name	Yimeng Shi
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Title of 12(g) Security	None
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Auditor Name	Audit Alliance LLP
Auditor Location	Singapore
Auditor Firm ID	3487
Entity Address, Postal Zip Code	122001
Business Contact
Document Information Line Items
Entity Address, Address Line One	Unit 2214-Rm1, 22/F, Mira Place Tower A
Entity Address, Address Line Two	132 Nathan Road, Tsim Sha Tsui
Entity Address, City or Town	Kowloon
Entity Address, Country	HK
Contact Personnel Name	Yimeng Shi
City Area Code	852
Local Phone Number	2180-6111
Contact Personnel Email Address	ir@ucloudlink.com
Entity Address, Postal Zip Code	122001
American depositary shares
Document Information Line Items
Trading Symbol	UCL
Title of 12(b) Security	American depositary shares (one American depositary share representing ten Class A ordinary shares, par value US$0.00005 per share)
Security Exchange Name	NASDAQ
Class A ordinary shares, par value US$0.00005 per share
Document Information Line Items
Title of 12(b) Security	Class A ordinary shares, par value US$0.00005 per share*
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Class A Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	252,412,720
Class B Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	122,072,980

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Schedule of Revenues

	Years ended December 31,
(In thousands)	2021		2022		2023
Revenues from services
—Data connectivity services		26,430		35,483		46,745
International data connectivity services		21,672		28,085		37,928
Local data connectivity services		4,758		7,398		8,817
—PaaS and SaaS services		10,770		9,819		10,425
—Others		598		926		1,400
		37,798		46,228		58,570
Sales of products
—Sales of terminals		27,408		21,748		24,369
—Sales of data related products		5,843		3,230		2,150
—Others		2,775		255		487
		36,026		25,233		27,006
Total		73,824		71,461		85,576

Schedule of Disaggregation of Revenue

In the following table, revenue is geographically disaggregated according to the locations of the customers.

	Years ended December 31,
(In thousands)	2021		2022		2023
Japan		35,883		28,088		37,122
North America		24,183		27,183		24,074
Southeast Asia		4,173		4,912		4,605
Mainland China		3,842		1,883		11,156
Hong Kong SAR		2,199		4,166		1,660
Europe		1,845		3,361		4,207
Others		1,457		1,264		1,884
Taiwan		242		604		868
Total		73,824		71,461		85,576

Consolidated Statements of Comprehensive Income/(Loss) (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Diluted net (loss)/earnings per share	$ 0.01	$ (0.06)	$ (0.16)
Diluted weighted average number of ordinary shares	371,726,318	312,485,140	285,979,036

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash and Cash Equivalents and Short-Term Deposit (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents and Short-Term Deposit [Abstract]

Schedule of Cash on Hand and Cash Held at Bank Balance And Short-Term Deposit

Cash on hand and cash held at bank balance and short-term deposit as of December 31, 2022 and 2023 primarily consist of the following currencies:

	December 31, 2022				December 31, 2023
(In thousands)	Original currency		US$ equivalent		Original currency		US$ Equivalent
US$		6,276		6,276		8,290		8,290
RMB		27,129		3,895		80,717		11,396
JPY		448,139		3,370		241,249		1,710
HKD		5,411		695		2,611		334
Others				882				1,641
Total				15,118				23,371

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 23,371	$ 14,921
Short-term deposit		197
Accounts receivable, net	6,489	5,961
Inventories	2,183	3,624
Prepayments and other assets	6,416	4,255
Other investments	7,613	11,690
Total current assets	49,017	41,346
Non-current assets:
Long-term investments	1,956	1,711
Property and equipment, net	2,433	1,181
Right-of-use assets, net	2,321	206
Intangible assets, net	652	802
Prepayments	228	688
Total non-current assets	7,590	4,588
Total assets	56,607	45,934
Current liabilities:
Short term borrowings	5,297	2,876
Accrued expenses and other liabilities	24,755	24,014
Accounts payable	5,314	6,832
Contract liabilities	1,425	1,052
Operating lease liabilities	1,082	184
Total current liabilities	39,123	36,439
Non-current liabilities:
Operating lease liabilities	1,286
Other non-current liabilities	145	204
Total non-current liabilities	1,431	204
Total liabilities	40,554	36,643
Commitments and contingencies
Shareholders’ equity:
Additional paid-in capital	240,137	236,774
Accumulated other comprehensive income	2,463	1,876
Accumulated losses	(226,566)	(229,377)
Total shareholders’ equity	16,053	9,291
Total liabilities and shareholders’ equity	56,607	45,934
Class A Ordinary Shares
Shareholders’ equity:
Class ordinary shares	13	12
Class B Ordinary Shares
Shareholders’ equity:
Class ordinary shares	6	6
Related Party
Current assets:
Amounts due from related parties	2,945	698
Current liabilities:
Amounts due to related parties	$ 1,250	$ 1,481

Intangible Assets, Net (Details) - Schedule of Intangible Asset, Net - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Carrying amount	$ 1,380	$ 1,403
Accumulated amortization	(728)	(601)
Net carrying amount	652	802
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Carrying amount	1,099	1,118
Accumulated amortization	(507)	(405)
Net carrying amount	592	713
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Carrying amount	112	114
Accumulated amortization	(91)	(81)
Net carrying amount	21	33
Licensed copyrights [Member]
Finite-Lived Intangible Assets [Line Items]
Carrying amount	169	171
Accumulated amortization	(130)	(115)
Net carrying amount	$ 39	$ 56

Taxation (Details) - Schedule of Per Share Effect of the Tax Holidays (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Per Share Effect of the Tax Holidays [Abstract]
Per share effect – diluted	$ 0.00	$ 0.00	$ (0.01)

Earnings/(Loss) Per Share (Details) - Schedule of Basic and Diluted Net (Loss)/Earnings Per Share (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of basic and diluted net loss per share [Abstract]
Net (loss)/income attributable to ordinary shareholders of the Company for computing diluted net (loss)/earnings per share	$ 2,811	$ (19,853)	$ (46,041)
Weighted average number of ordinary shares outstanding used In calculating diluted net (loss)/earnings per share	371,726,318	312,485,140	285,979,036
Diluted net loss per ordinary share	$ 0.01	$ (0.06)	$ (0.16)

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Lease (Tables)

12 Months Ended

Dec. 31, 2023

Lease [Abstract]

Schedule of Right-of-Use Asset, Net and Current Lease Liabilities

The following table presents balances reported in the consolidated balance sheets related to the Company’s leases:

(In thousands)	December 31, 2022		December 31, 2023
Right-of-use assets, net		206		2,321
Current operating lease liabilities		184		1,082
Non-current operating lease liabilities		—		1,286

Schedule of Lease Cost

The following table presents operating lease cost reported in the consolidated statements of comprehensive (loss)/income related to the Company’s leases:

(In thousands)	December 31, 2022		December 31, 2023
Operating lease cost		238		973
Short-term lease cost		1,191		931
Total		1,429		1,904

Schedule of Reconciles the Undiscounted Cash Flows

The following table reconciles the undiscounted cash flows of the Company’s leases as of December 31, 2023 to the present value of its operating lease payments:

For the year ending December 31	(In thousands)
2024		1,147
2025		965
2026		297
2027		64
Total undiscounted operating lease payments		2,473
Less: imputed interest		(105	)
Present value of operating lease liabilities		2,368

Schedule of Other Supplemental Information

The following summarizes other supplemental information about the Company's lease as of December 31, 2023.

	As of December 31, 2023
Weighted average discount rate		4.76	%
Weighted average remaining lease term		2.3 years

Taxation (Details) - Schedule of Reconciliations of the Income Tax Expenses (Parentheticals)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Reconciliations of the Income Tax Expenses [Abstract]
Statutory PRC income tax rate	25.00%	25.00%	25.00%

Revenues

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Revenues

5.	Revenues

	Years ended December 31,
(In thousands)	2021		2022		2023
Revenues from services
—Data connectivity services		26,430		35,483		46,745
International data connectivity services		21,672		28,085		37,928
Local data connectivity services		4,758		7,398		8,817
—PaaS and SaaS services		10,770		9,819		10,425
—Others		598		926		1,400
		37,798		46,228		58,570
Sales of products
—Sales of terminals		27,408		21,748		24,369
—Sales of data related products		5,843		3,230		2,150
—Others		2,775		255		487
		36,026		25,233		27,006
Total		73,824		71,461		85,576

In the following table, revenue is geographically disaggregated according to the locations of the customers.

	Years ended December 31,
(In thousands)	2021		2022		2023
Japan		35,883		28,088		37,122
North America		24,183		27,183		24,074
Southeast Asia		4,173		4,912		4,605
Mainland China		3,842		1,883		11,156
Hong Kong SAR		2,199		4,166		1,660
Europe		1,845		3,361		4,207
Others		1,457		1,264		1,884
Taiwan		242		604		868
Total		73,824		71,461		85,576

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Lease (Details) - Schedule of Lease Cost - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of consolidated statements of comprehensive loss related [Abstract]
Operating lease cost	$ 973	$ 238
Short-term lease cost	931	1,191
Total	$ 1,904	$ 1,429

Other Investments (Tables)

12 Months Ended

Dec. 31, 2023

Other Investments [Abstract]

Schedule of Other Investments

(In thousands)		December 31, 2022				December 31, 2023
Current^{(i) (ii) (iii)}			11,690				7,613

(i)

(ii)

(iii)

Revenues (Details) - Schedule of Disaggregation of Revenue - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 85,576	$ 71,461	$ 73,824
Japan [Member]
Disaggregation of Revenue [Line Items]
Revenues	37,122	28,088	35,883
North America [Member]
Disaggregation of Revenue [Line Items]
Revenues	24,074	27,183	24,183
Southeast Asia [Member]
Disaggregation of Revenue [Line Items]
Revenues	4,605	4,912	4,173
Mainland China [Member]
Disaggregation of Revenue [Line Items]
Revenues	11,156	1,883	3,842
Hong Kong SAR [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,660	4,166	2,199
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenues	4,207	3,361	1,845
Others [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,884	1,264	1,457
Taiwan [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 868	$ 604	$ 242

Earnings/(Loss) Per Share (Details) - Schedule of Diluted Earnings Per Share - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of basic and diluted net loss per share [Abstract]
Total	25,018,880	25,975,870	22,141,461
Restricted Shares [Member]
Schedule of basic and diluted net loss per share [Abstract]
Total	7,996,700	7,970,930	2,916,100
Share Options Awards [Member]
Schedule of basic and diluted net loss per share [Abstract]
Total	17,022,180	18,004,940	19,225,361

Short-Term Borrowings (Details) - Schedule of Short-Term Borrowings - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Current

Bank borrowings

^[1]

$ 2,756

$ 2,842

Other borrowings

^[2]

2,541

Total

$ 5,297

$ 2,876

[1]

The Company’s short-term bank borrowings are primarily used for working capital and business development purposes and bear interest rate of 3.20% ~ 3.55% (2022: 4.00% ~ 5.55%) per annum, with a weighted average interest rate of 3.38% (2022: 4.86%) per annum.Certain bank borrowings are guaranteed by certain of our directors, certain legal representative, certain subsidiary and other company as of December 31, 2022 and 2023.

[2]

In March 2022, the Company entered into an eleven-month financing agreement with an independent third-party finance lease company amounting to US$194 thousand with equivalent equipment of the Company pledged. The interest rate is 5.6% per annum. The Company has fully repaid the amount and the balance is nil as of December 31, 2023.In December 2023, the Company entered into two one-year financing agreement with two independent third-party financial institutes amounting to US$2,541 thousand with two patents pledged and certain director and subsidiaries guaranteed. The interest rate ranged from 4.9% to 4.96% per annum.

Convertible Promissory Notes

12 Months Ended

Dec. 31, 2023

Convertible Promissory Notes [Abstract]

Convertible promissory notes

Convertible promissory notes

On January 6, 2022, the Company entered into a securities purchase agreement with YA II PN, Ltd., a limited partnership managed by Yorkville Advisor Global (the “Purchaser”), pursuant to which the Company issued the Investor an unsecured promissory note on January 6, 2022 in the original principal amount of $5,000,000 at a purchase price equal to 95% of the principal amount through private placement.

The promissory note has a maturity date of 12 months with an interest rate of 5% per annum. The Purchaser has the right to convert all or any portion of the convertible debentures at its option at any time. Upon conversion, the Company will deliver to the Purchaser the Company’s Class A ordinary shares, par value US$0.00005 per share (the “Ordinary Shares”), which may be represented by American depositary shares (the “ADSs”). The conversion price shall be the lower of (i) US$3.50 per ADS, or (ii) 85% of a reference price benchmarked against the trading price of the Company’s ADSs. In addition, the Company will also issue to the Purchaser 1,000,000 Ordinary Shares as commitment fee at closing.

Upon evaluation, the Company determined that the Agreements contained embedded beneficial conversion features which met the definition of Debt with Conversion and Other Options covered under the Accounting Standards Codification topic 470 (“ASC 470”). According to ASC 470, an embedded beneficial conversion feature present in a convertible instrument shall be recognized Separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital. Pursuant to the agreement, the Company recognized embedded beneficial conversion features on January 6, 2022 of $939,376. Beneficial conversion features have been recognized into discount on convertible promissory notes and additional paid-in capital and such discount will be amortized in twelve months until the notes will be settled. For the year ended December 31, 2022, the Company have recognized Amortization of beneficial conversion feature US$149 thousand to profit.

In October 2022, the Company redeemed US$1.0 million principal amount of the convertible debentures, and the Purchaser had from time to time, converted all of the remaining amount for an aggregate of 76,943,540 Class A ordinary shares.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Additional Information: Condensed Financial Statements of the Company (Tables)

12 Months Ended

Dec. 31, 2023

Additional Information: Condensed Financial Statements of the Company [Abstract]

Schedule of Condensed Statements of Comprehensive Loss of the Parent Company

Condensed statements of comprehensive loss of the parent company

	Years ended December 31,
(Amounts expressed in thousands of US$ except for number of shares and per share data)	2021			2022			2023
Operating expenses		(10,399	)		(4,289	)		(3,919	)
Loss before income tax		(10,266	)		(4,472	)		(3,284	)
(Loss)/income from subsidiaries and former VIEs		(35,775	)		(15,381	)		6,095
Net (loss)/income		(46,041	)		(19,853	)		2,811

Schedule of Condensed Balance Sheets of the Parent Company

Condensed balance sheets of the parent company

	As of December 31,
(Amounts expressed in thousands of US$ except for number of shares and per share data)	2022		2023
Cash and cash equivalents		463		107
Amounts due from subsidiaries		127,308		127,282
Others		—		15
Total assets		127,771		127,404

Accounts payable, accrued expenses and other liabilities		397		58
Deficit in subsidiaries		113,938		106,746
Others		204		146
Amounts due to subsidiaries		3,683		3,633
Total liabilities		118,222		110,583
Total shareholders’ equity		9,549		16,821

Schedule of Condensed Statement of Cash Flows of the Parent Company

Condensed statement of cash flows of the parent company

	Years ended December 31,
(Amounts expressed in thousands of US$ except for number of shares and per share data)	2021			2022			2023
Cash flows from operating activities
Net cash used in operating activities		(1,483	)		(3,355	)		(605	)
Cash flows from investing activities
Intercompany fund transfers		(3,000	)		—			200
Net cash (used in)/generated from investing activities		(3,000	)		—			200
Cash flows from financing activities
Proceeds from exercise of share options		1,284			—			49
Proceeds from issuance of convertible bonds		—			4,735			—
Redemption of convertible bonds		—			(1,050	)		—
Net cash generated from financing activities		1,284			3,685			49
(Decrease)/increase in cash, cash equivalents and restricted cash		(3,199	)		330			(356	)
Cash, cash equivalents and restricted cash at beginning of year		3,332			133			463
Cash, cash equivalents and restricted cash at end of year		133			463			107

Summary of Significant Accounting Policies (Details) - Schedule of Cash and Cash Equivalents - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 23,371	$ 14,921

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net [Abstract]

Intangible assets, net

19.

Intangible assets, net

(In thousands)	Carrying amount		Accumulated amortization			Net carrying amount
December 31, 2022
Software		1,118		(405	)		713
Trademarks		114		(81	)		33
Licensed copyrights		171		(115	)		56
Intangible assets		1,403		(601	)		802

(In thousands)	Carrying amount		Accumulated amortization			Net carrying amount
December 31, 2023
Software		1,099		(507	)		592
Trademarks		112		(91	)		21
Licensed copyrights		169		(130	)		39
Intangible assets		1,380		(728	)		652

Amortization expenses recognized for the years ended December 31, 2021, 2022 and 2023 were US$143 thousand, US$142 thousand and US$136 thousand, respectively.

The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows:

Year	(In thousands)
2024		138
2025		126
2026		108
2027		103
2028		70
Thereafter		107
Total		652

Share-Based Awards (Details) - Schedule of Changes in the Share Options Granted - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Changes in the Share Options Granted [Abstract]
Number of share options outstanding, beginning balance	18,004,940	19,225,361	22,298,757
Weighted average exercise price, outstanding, beginning balance	$ 0.53	$ 0.54	$ 0.54
Aggregate intrinsic value, beginning balance	$ 45,040,329	$ 47,926,931	$ 57,082,970
Number of share options, Granted		716,420	820,000
Weighted average exercise price, Granted		$ 0.81	$ 0.68
Aggregate intrinsic value, Granted		$ (458,564)	$ 171,820
Number of share options, Forfeited	(885,560)	(1,936,841)	(1,973,636)
Weighted average exercise price, Forfeited	$ 0.56	$ 0.74	$ 0.56
Aggregate intrinsic value, Forfeited	$ (2,409,012)	$ (2,428,038)	$ (3,388,792)
Number of share options, Exercised	(97,200)		(1,919,760)
Weighted average exercise price, Exercised	$ 0.5		$ 0.52
Aggregate intrinsic value, Exercised	$ (302,604)		$ (5,939,067)
Number of share options, outstanding, ending balance	17,022,180	18,004,940	19,225,361
Weighted average exercise price, outstanding, ending balance	$ 0.53	$ 0.53	$ 0.54
Aggregate intrinsic value, outstanding, ending balance	$ 42,328,713	$ 45,040,329	$ 47,926,931
Number of share options, Exercisable	14,301,480	14,644,270	13,478,069
Weighted average exercise price, Exercisable	$ 0.54	$ 0.54	$ 0.55
Aggregate intrinsic value, Exercisable	$ 38,503,322	$ 39,789,170	$ 38,703,590

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization and principal activities [Abstract]

Schedule of Principal Subsidiaries

As of December 31, 2023, the details of the Company’s principal subsidiaries and former VIEs were as follows:

Entity

Place of
incorporation

Date of
incorporation

Relationship

% of
direct
or indirect
economic
ownership

Principal activities

UCLOUDLINK (HK) LIMITED

Hong Kong

2 September 2014

Subsidiary

100

Holding company

HONG KONG UCLOUDLINK NETWORK TECHNOLOGY LIMITED

Hong Kong

25 October 2010

Subsidiary

100

Holding company,
information technology
services and sales of
terminals and data
related products

Shenzhen Ucloudlink Technology Limited

PRC

9 July 2015

Subsidiary

100

Technology research
and development

Shenzhen uCloudlink Co., Ltd.

PRC

7 June 2018

Subsidiary

100

Hardware exportation

Beijing uCloudlink Technology Co., Ltd. (“Beijing uCloudlink”)

PRC

29 January 2015

Subsidiary

100

Holding company

UCLOUDLINK (SINGAPORE) PTE.LTD

Singapore

15 May 2017

Subsidiary

100

Sales and marketing

UCLOUDLINK (UK) CO. LTD

13 October 2014

Subsidiary

100

Sales and marketing

Ucloudlink (America), Ltd.

USA

1 August 2016

Subsidiary

100

Sales and marketing

UCLOUDLINK SDN.BHD

Malaysia

24 August 2017

Subsidiary

100

Sales and marketing

uCloudlink Japan Co., Ltd.

Japan

7 March 2018

Subsidiary

100

Sales and marketing

Shenzhen uCloudlink Network Technology Co., Ltd. (“Shenzhen uCloudlink”)

PRC

14 August 2014

Subsidiary and Consolidated former VIE

100

Holder of value-added
telecommunications
services license,
information technology
services and sales of
terminals and data
related products

Beijing uCloudlink New Technology Co., Ltd. (“Beijing Technology”)

PRC

15 November 2014

Subsidiary and Consolidated former VIE

100

Information technology
services and sales of
terminals and data
related products

PT UCLOUDLINK TECHNOLOGIES PMA

Indonesia

27 September 2018

Subsidiary

100

Sales and marketing

UCLOUDLINK UK LIMITED

24 February 2021

Subsidiary

100

Sales and marketing

Shenzhen Yulian Cloud Technology Co., Ltd.

PRC

22 February 2022

Subsidiary

100

Sales and marketing

Share-Based Awards (Details) - Schedule of Compensation Expense Recognized for Share-Based Awards - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Total compensation expense recognized

$ 3,315

$ 3,098

$ 8,757

Restricted Shares [Member]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Total compensation expense recognized

^[1]

1,999

1,006

5,573

Share Options [Member]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Total compensation expense recognized

^[2]

$ 1,316

$ 2,092

$ 3,184

[1]	Restricted Shares
[2]	Share options

Other Expenses, Net

12 Months Ended

Dec. 31, 2023

Other Expenses, Net [Abstract]

Other expenses, net

6.	Other expenses, net

	Years ended December 31,
(In thousands)	2021			2022			2023
Foreign exchange losses, net		(1,106	)		(2,519	)		(514	)
Government grants (note)		1,012			935			1,120
Gains on disposal of property and equipment, net		94			215			203
Fair value losses on other investments		(12,363	)		(12,958	)		(2,748	)
Others		487			62			439
Total		(11,876	)		(14,265	)		(1,500	)

Note:

Government grants mainly represent amounts received from central and local governments in connection with the Company’s investments in local business districts and contributions to technology development.

Taxation

12 Months Ended

Dec. 31, 2023

Taxation [Abstract]

Taxation

7.	Taxation

(a)	Income taxes

(i)	Cayman Islands

The Company was incorporated in the Cayman Islands and conducts most of its business through its subsidiaries and VIEs located in the PRC and Hong Kong. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

(ii)

PRC

The PRC enterprise income tax is calculated based on the taxable income determined under the PRC laws and accounting standards. Under the Corporate Income Tax (“CIT”) Law, which became effective on January 1, 2008, foreign invested enterprises and domestic enterprises are subject to a unified CIT rate of 25%. In accordance with the implementation rules of the CIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15% with valid period of three years.

Shenzhen Ucloudlink Technology Limited and Shenzhen uCloudlink are qualified as HNTE, which are eligible to a preferential tax rate of 15% for the three-year period from 2017 to 2019 as long as they fulfill the HNTE criteria. In 2020, the preferential tax rate of 15% for Shenzhen Ucloudlink Technology Limited and Shenzhen uCloudlink was extended for three years from 2020 to 2022. In 2023, the preferential tax rate of 15% for Shenzhen Ucloudlink Technology Limited and Shenzhen uCloudlink was extended for three years from 2023 to 2025.

The Company’s (loss)/income before income taxes consisted of:

	Years ended December 31,
(In thousands)	2021			2022			2023
Non-PRC		(28,212	)		(15,397	)		(2,149	)
PRC		(17,872	)		(4,367	)		4,673
Total		(46,084	)		(19,764	)		2,524

(iii)

Hong Kong

The Company’s subsidiaries incorporated in Hong Kong are subject to profits tax rate of 16.5% on taxable income.

The reconciliations of the income tax expenses for the years ended December 31, 2021, 2022 and 2023 were as follows:

	Years ended December 31,
(In thousands)	2021			2022			2023
(Loss)/income before income tax		(46,084	)		(19,764	)		2,524
Income tax computed at statutory PRC income tax rate (25%)⁽ⁱ⁾		(11,521	)		(4,941	)		631
Differential income tax rates applicable to certain entities comprising the Company		4,061			1,791			74
Effect of tax holiday		1,786			469			(448	)
Permanent differences⁽ⁱⁱ⁾		1,826			2,100			(174	)
Change in valuation allowance		5,405			1,569			133
Accelerated deductions on research and development expenses⁽ⁱⁱⁱ⁾		(1,313	)		(827	)		(146	)
Income tax expenses		244			161			70

(i)	The PRC statutory income tax rate was used because the majority of the Company’s operations are based in the PRC.

(ii)	Permanent differences primarily represent non-deductible expenses.

(iii)

This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC.

The per share effect of the tax holidays are as follows:

	Years ended December 31,
(In thousands)	2021			2022			2023
Effect of tax holiday		1,786			469			(448	)
Per share effect – basic and diluted		(0.01	)		(0.00	)		(0.00	)

(b)	Deferred tax assets

Deferred income tax expense reflects the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the deferred tax assets are as follows:

	Years ended December 31,
(In thousands)	2021			2022			2023
Deferred tax assets
Net operating loss carryforwards		14,808			19,814			19,187
Accrued expenses and others		427			(3,010	)		(2,250	)
Less: valuation allowance		(15,235	)		(16,804	)		(16,937	)
Net deferred tax assets		—			—			—

Movement of valuation allowance

	Years ended December 31,
(In thousands)	2021		2022		2023
Balance at beginning of the year		9,830		15,235		16,804
Change of valuation allowance		5,405		1,569		133
Balance at end of the year		15,235		16,804		16,937

Valuation allowance is provided against deferred tax assets when the Company determines that it is more-likely-than-not that the deferred tax assets will not be utilized in the future. The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Company is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The Company has provided a full valuation allowance for the deferred tax assets as of December 31, 2021, 2022 and 2023, as management is not able to conclude that the future realization of those net operating loss carries forwards and other deferred tax assets are more likely than not. The statutory rate of 15% to 25%, depending on which entity, was applied when calculating deferred tax assets.

As of December 31, 2021, 2022 and 2023, the Company had net operating loss carryforwards of approximately US$100,986 thousand, US$134,896 thousand and US$129,654 thousand respectively, which arose from the subsidiaries established in Hong Kong and PRC. As of December 31, 2021, 2022 and 2023, the Company does not believe that sufficient positive evidence exists to conclude that the recoverability of deferred tax assets is more likely than not to be realized. Consequently, the Company has provided full valuation allowance on the related deferred tax assets.

According to the Circular of relevant governmental regulatory authorities of Taxation on Extending the Loss Carry-over Period of High-tech Enterprises and High-tech SMEs (Cai Shui [2018] No. 76), from January 1, 2018, the enterprises that have the qualifications of high-tech enterprises or high-tech SMEs will be able to make up for the losses that have not been completed in the previous five years before the qualification year. The longest carry-over period is extended from 5 years to 10 years. As of December 31, 2023, the net operating loss carry forwards arose from Shenzhen Ucloudlink Technology Limited and Shenzhen uCloudlink will expire during the period from 2024 to 2033, if unused.

(c)

Uncertain tax position

The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2021, 2022 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company does not anticipate any significant increase to our liability for unrecognized tax benefit within the next 12 months. Interest and penalties related to income tax matters, if any, is included in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Lease (Details) - Schedule of Other Supplemental Information	Dec. 31, 2023
Schedule Of Other Supplemental Information Abstract
Weighted average discount rate	4.76%
Weighted average remaining lease term	2 years 3 months 18 days

Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net [Abstract]
Amortization of intangible assets	$ 136	$ 142	$ 143

Additional Information: Condensed Financial Statements of the Company (Details) - Schedule of Condensed Balance Sheets of the Parent Company - Parent [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Condensed Balance Sheets of the Parent Company [Line Items]
Cash and cash equivalents	$ 107	$ 463
Amounts due from subsidiaries	127,282	127,308
Others	15
Total assets	127,404	127,771
Accounts payable, accrued expenses and other liabilities	58	397
Deficit in subsidiaries	106,746	113,938
Others	146	204
Amounts due to subsidiaries	3,633	3,683
Total liabilities	110,583	118,222
Total shareholders’ equity	$ 16,821	$ 9,549

Prepayments and Other Assets

12 Months Ended

Dec. 31, 2023

Prepayments and Other Assets [Abstract]

Prepayments and other assets

15.

Prepayments and other assets

(In thousands)	December 31, 2022		December 31, 2023
Prepayments		2,850		4,057
Deposits		1,215		1,330
VAT recoverable		715		1,061
Others		163		196
Total of prepayments and other assets		4,943		6,644

(In thousands)	December 31, 2022		December 31, 2023
Current		4,255		6,416
Non-current		688		228
Total of prepayments and other assets		4,943		6,644

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:

(In thousands)	December 31, 2022			December 31, 2023
Computers		460			509
Server & switch		1,283			1,268
Office equipment		1,754			1,727
Wi-Fi terminals for data connectivity services		7,762			8,420
Leasehold improvement		536			531
Total original costs		11,795			12,455
Less: accumulated depreciation		(10,614	)		(10,022	)
Carrying amount		1,181			2,433

Related Party Transactions (Details) - Schedule of Relationship with Material Related Parties	12 Months Ended
	Dec. 31, 2023
Maya [Member]
Related Party Transaction [Line Items]
Relationship with the Company	Equity method investee of the Company
Beijing Huaxianglianxin Technology Company [Member]
Related Party Transaction [Line Items]
Relationship with the Company	Equity method investee of the Company
iQsim S.A. [Member]
Related Party Transaction [Line Items]
Relationship with the Company	Equity method investee of the Company

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

+ References + Details

Lease (Details) - USD ($) $ in Thousands	12 Months Ended
Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease [Abstract]
Rental expense	$ 1,904	$ 1,429

Revenues (Details) - Schedule of Revenues - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from services
Total revenues	$ 85,576	$ 71,461	$ 73,824
Data connectivity services [Member]
Revenues from services
Total revenues	46,745	35,483	26,430
International data connectivity services [Member]
Revenues from services
Total revenues	37,928	28,085	21,672
Local data connectivity services [Member]
Revenues from services
Total revenues	8,817	7,398	4,758
PaaS and SaaS services [Member]
Revenues from services
Total revenues	10,425	9,819	10,770
Others [Member]
Revenues from services
Total revenues	1,400	926	598
Revenues from services [Member]
Revenues from services
Total revenues	58,570	46,228	37,798
Sales of terminals [Member]
Revenues from services
Total revenues	24,369	21,748	27,408
Sales of data related products [Member]
Revenues from services
Total revenues	2,150	3,230	5,843
Other One [Member]
Revenues from services
Total revenues	487	255	2,775
Sales of products [Member]
Revenues from services
Total revenues	$ 27,006	$ 25,233	$ 36,026

Lease

12 Months Ended

Dec. 31, 2023

Lease [Abstract]

Lease

18.

Lease

The Company has leased office premises and buildings under non-cancellable operating lease agreements. These leases have different terms and renewal rights.

The following table presents balances reported in the consolidated balance sheets related to the Company’s leases:

(In thousands)	December 31, 2022		December 31, 2023
Right-of-use assets, net		206		2,321
Current operating lease liabilities		184		1,082
Non-current operating lease liabilities		—		1,286

The following table presents operating lease cost reported in the consolidated statements of comprehensive (loss)/income related to the Company’s leases:

(In thousands)	December 31, 2022		December 31, 2023
Operating lease cost		238		973
Short-term lease cost		1,191		931
Total		1,429		1,904

For the years ended December 31, 2022 and 2023, the Company incurred rental expenses under operating leases US$1,429 thousand and US$1,904 thousand.

The following table reconciles the undiscounted cash flows of the Company’s leases as of December 31, 2023 to the present value of its operating lease payments:

For the year ending December 31	(In thousands)
2024		1,147
2025		965
2026		297
2027		64
Total undiscounted operating lease payments		2,473
Less: imputed interest		(105	)
Present value of operating lease liabilities		2,368

The following summarizes other supplemental information about the Company's lease as of December 31, 2023.

	As of December 31, 2023
Weighted average discount rate		4.76	%
Weighted average remaining lease term		2.3 years

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Taxation [Abstract]

Schedule of (Loss)/income before Income Taxes

The Company’s (loss)/income before income taxes consisted of:

	Years ended December 31,
(In thousands)	2021			2022			2023
Non-PRC		(28,212	)		(15,397	)		(2,149	)
PRC		(17,872	)		(4,367	)		4,673
Total		(46,084	)		(19,764	)		2,524

Schedule of Reconciliations of the Income Tax Expenses

The reconciliations of the income tax expenses for the years ended December 31, 2021, 2022 and 2023 were as follows:

	Years ended December 31,
(In thousands)	2021			2022			2023
(Loss)/income before income tax		(46,084	)		(19,764	)		2,524
Income tax computed at statutory PRC income tax rate (25%)⁽ⁱ⁾		(11,521	)		(4,941	)		631
Differential income tax rates applicable to certain entities comprising the Company		4,061			1,791			74
Effect of tax holiday		1,786			469			(448	)
Permanent differences⁽ⁱⁱ⁾		1,826			2,100			(174	)
Change in valuation allowance		5,405			1,569			133
Accelerated deductions on research and development expenses⁽ⁱⁱⁱ⁾		(1,313	)		(827	)		(146	)
Income tax expenses		244			161			70

(i)	The PRC statutory income tax rate was used because the majority of the Company’s operations are based in the PRC.

(ii)	Permanent differences primarily represent non-deductible expenses.

(iii)

This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC.

Schedule of Per Share Effect of the Tax Holidays

The per share effect of the tax holidays are as follows:

	Years ended December 31,
(In thousands)	2021			2022			2023
Effect of tax holiday		1,786			469			(448	)
Per share effect – basic and diluted		(0.01	)		(0.00	)		(0.00	)

Schedule of Components of the Deferred Tax Assets

The components of the deferred tax assets are as follows:

	Years ended December 31,
(In thousands)	2021			2022			2023
Deferred tax assets
Net operating loss carryforwards		14,808			19,814			19,187
Accrued expenses and others		427			(3,010	)		(2,250	)
Less: valuation allowance		(15,235	)		(16,804	)		(16,937	)
Net deferred tax assets		—			—			—

Schedule of Movement of Valuation Allowance

Movement of valuation allowance

	Years ended December 31,
(In thousands)	2021		2022		2023
Balance at beginning of the year		9,830		15,235		16,804
Change of valuation allowance		5,405		1,569		133
Balance at end of the year		15,235		16,804		16,937

Additional Information: Condensed Financial Statements of the Company (Details)	Dec. 31, 2023
Additional Information: Condensed Financial Statements of the Company [Abstract]
Net assets	25.00%

- Definition

Percentage of investment owned to net assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

+ Details

Additional Information: Condensed Financial Statements of the Company

12 Months Ended

Dec. 31, 2023

Additional Information: Condensed Financial Statements of the Company [Abstract]

Additional information: condensed financial statements of the Company

28.

Additional information: condensed financial statements of the Company

Regulation S-X require condensed financial information as to financial position, statement of cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

The Company records its investment in its subsidiaries, former VIEs and former VIEs’ subsidiaries under the equity method of accounting.

Such investments are presented on the separate condensed balance sheets of the Company as “Long-term investments”.

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures represent supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2023.

Condensed statements of comprehensive loss of the parent company

	Years ended December 31,
(Amounts expressed in thousands of US$ except for number of shares and per share data)	2021			2022			2023
Operating expenses		(10,399	)		(4,289	)		(3,919	)
Loss before income tax		(10,266	)		(4,472	)		(3,284	)
(Loss)/income from subsidiaries and former VIEs		(35,775	)		(15,381	)		6,095
Net (loss)/income		(46,041	)		(19,853	)		2,811

Condensed balance sheets of the parent company

	As of December 31,
(Amounts expressed in thousands of US$ except for number of shares and per share data)	2022		2023
Cash and cash equivalents		463		107
Amounts due from subsidiaries		127,308		127,282
Others		—		15
Total assets		127,771		127,404

Accounts payable, accrued expenses and other liabilities		397		58
Deficit in subsidiaries		113,938		106,746
Others		204		146
Amounts due to subsidiaries		3,683		3,633
Total liabilities		118,222		110,583
Total shareholders’ equity		9,549		16,821

Condensed statement of cash flows of the parent company

	Years ended December 31,
(Amounts expressed in thousands of US$ except for number of shares and per share data)	2021			2022			2023
Cash flows from operating activities
Net cash used in operating activities		(1,483	)		(3,355	)		(605	)
Cash flows from investing activities
Intercompany fund transfers		(3,000	)		—			200
Net cash (used in)/generated from investing activities		(3,000	)		—			200
Cash flows from financing activities
Proceeds from exercise of share options		1,284			—			49
Proceeds from issuance of convertible bonds		—			4,735			—
Redemption of convertible bonds		—			(1,050	)		—
Net cash generated from financing activities		1,284			3,685			49
(Decrease)/increase in cash, cash equivalents and restricted cash		(3,199	)		330			(356	)
Cash, cash equivalents and restricted cash at beginning of year		3,332			133			463
Cash, cash equivalents and restricted cash at end of year		133			463			107

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Assets, Liabilities, Results of Operations and Changes in Cash and Cash Equivalents of the Former VIEs

	As of December 31, 2022
	(in thousands of US$)
Cash and cash equivalents		1,951
Accounts receivable, net		474
Amounts due from subsidiaries		12,766
Property and equipment and intangible assets		775
Others		5,536
Total assets		21,502
Short term borrowings		574
Amounts due to parent and subsidiaries		60,029
Accounts payable, accrued expenses and other liabilities		12,690
Contract liabilities		62
Others		80
Total liabilities		73,435
Total shareholders’ deficit		(51,933	)

	Years ended December 31,
	2021			2022
	(in thousands of US$)
Revenue (note a)		30,979			30,371
Net loss (note a)		(16,244	)		(4,349	)
Net cash (used in)/generated from operating activities		(6,553	)		858
Net cash used in investing activities		(178	)		(430	)
Net cash generated from financing activities		5,290			1,230

Schedule of Cash and Cash Equivalents

	December 31,		December 31,
(In thousands)	2022		2023
Cash and cash equivalents		14,921		23,371

Schedule of Estimated Useful Lives

Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Computers, server & switch and office equipment		5 years
Wi-Fi terminals for data connectivity services		2 years
Leasehold improvement		Over the shorter of lease term or 3 years

Schedule of Amortization of Finite-Lived Intangible Assets

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:

Trademarks		10 years
Software		10 years
Licensed copyrights		10 years

Lease (Details) - Schedule of Reconciles the Undiscounted Cash Flows $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of Reconciles the Undiscounted Cash Flows [Abstract]
2024	$ 1,147
2025	965
2026	297
2027	64
Total undiscounted operating lease payments	2,473
Less: imputed interest	(105)
Present value of operating lease liabilities	$ 2,368

Ordinary shares

12 Months Ended

Dec. 31, 2023

Ordinary shares [Abstract]

Ordinary shares

Ordinary shares

(i)

Prior to May 19, 2019, the authorized share of the Company was US$50,000 divided into 50,000,000 shares of par value US$0.001.

On May 19, 2019, the Board of Directors of the Company passed the resolution that all of the Company’s ordinary shares and preferred shares were subdivided into 20 shares with a par value of US$0.00005 each. The par value of ordinary shares and preferred shares and related disclosure have been recast to reflect the US$0.00005 par value for all periods presented in the consolidated financial statements. As of December 31, 2019, the Company has 232,451,900 ordinary shares (including 162,897,778 vested restricted shares) outstanding (2020: nil; 2021: nil).

(ii)

On January 28, 2015, the Company entered into a share purchase agreement (“Series A SPA”) with certain investors under which the Company issued 8,400,000 ordinary shares at a total consideration of US$4,056,206 and 25,000,000 Series A Preferred Shares to certain investors at a total consideration of US$9,788,652 (Note 9). Also as a closing condition to the Series A SPA, the Company entered into a share restriction agreement with certain senior management and their respective wholly owned subsidiaries, which directly hold the equity interest on the Company. Pursuant to the share restriction agreement, all ordinary shares (“Restricted Shares”) of the Company held by certain senior management shall be subject to vesting conditions until the Restricted Shares become vested. The Restricted Shares shall vest over a period of 5 years from the closing of the Series A SPA (which was shortened to 4 years on September 22, 2016). Vesting of all Restricted Shares will be accelerated upon the completion of a qualified IPO or trade sale. In the event that certain senior management voluntarily and unilaterally terminates his employment/service contract with the Company or his employment or service relationship is terminated by any applicable Company entities for cause as stated in the Series A SPA, the related senior management shall sell to the Company, and the Company shall repurchase from certain senior management, all of the unvested shares at a price of US$0.00005 per share. Such restricted shares were treated as deemed contribution by those senior management to the Company and the fair value of which were recognized as share-based compensation expense over the vesting period. Ordinary shares of 44,426,667 and 44,426,667 were vested and presented as an increase of the numbers of issued ordinary shares during the year ended December 31, 2017 and December 31, 2018, respectively. At any time prior to a qualified IPO, the shares held by certain senior management shall not be transferred directly or indirectly without the prior written consent of the Series A Preferred Shares holders, except for those to be transferred to the employees of the Company pursuant to an Stock Option Plan approved by the board.

(iii)

On November 25, 2015, the Company entered into a share purchase agreement (“A-1 SPA”) with certain investors under which the Company issued 26,575,220 ordinary shares at a total consideration of US$21,555,470. There were liquidation preference and a redemption right attached to certain of these ordinary shares with 10% annual compounded interest based on original purchase price which expired on December 31, 2016.

(iv)

On January 1, 2016, 4,000,000 ordinary shares of certain senior management were transferred to Series A Preferred Shares at the then fair value of US$0.88 per share.

(v)

On September 22, 2016, the Company entered into a share purchase agreement (“A-2 SPA”) with certain investors under which the Company issued 8,502,600 ordinary shares at a total consideration of US$10,000,000. There is a redemption right attached to the ordinary shares with 12% annual compounded interest based on original purchase price. Such redemption right expired on December 31, 2017.

(vi)

On June 19, 2017, the Company repurchased 8,630,140 of its ordinary shares from an investor at a price of US$0.96 per share amounting to US$8,297,880. The repurchased ordinary shares were cancelled immediately and the additional paid in capital of the Company was reduced by US$8,298,236.

(vii)

On August 28, 2018, upon the occurrence of the event of automatic conversion of convertible bonds, in which that the Company attained cumulative revenue over RMB500 million during the year ended December 31, 2017, all the convertible bonds were converted into 35,004,220 ordinary shares of the Company.

(viii)

On November 25, 2015, June 19, 2017 and March 22, 2018, the Company issued 20,000,000, 4,315,080 and 31,665,280 ordinary shares, respectively, and had them held by a limited liability company owned by one of certain senior management. These ordinary shares were held on behalf of the Company and are to be awarded to employees under future equity incentive plan based on the discretion of the board of directors of the Company. The ordinary shares issued above were accounted for as treasury shares of the Company. None of these shares has been exercised nor issued from treasury shares as of December 31, 2017 and December 31, 2018, respectively. On December 31, 2018, all of the treasury shares were cancelled under the decision of the board of directors of the Company.

(ix)

On December 31, 2018, the board of directors of the Company adopted the 2018 Stock Option Scheme under which the Company may grant options to purchase its ordinary shares to selected employees of the Company. The board of directors of the Company reserved 55,980,360 shares on December 31, 2018 of the Company’s ordinary shares for future issuance under the plan.

(x)

In July 2019, two written resolutions were passed and approved by the board of directors of the Company and its shareholders:

(a)

The Company will adopt a dual-class share structure, consisting of Class A ordinary shares and Class B ordinary shares, which will become effective immediately prior to the completion of the Company’s IPO.

Immediately prior to the completion of the IPO, (i) the conversion and re-designation of all of the then currently issued and outstanding preferred shares into ordinary shares on a one-to-one basis; (ii) 122,072,980 of ordinary shares beneficially owned by Mr. Chaohui Chen and Mr. Zhiping Peng will be redesignated into Class B ordinary shares on a one-for-one basis (iii) all of the remaining ordinary shares (including ordinary shares resulting from the conversion and re-designation of preferred shares) will be re-designated into Class A ordinary shares on a one-to-one basis. In respect of matters requiring the votes of shareholders, holders of Class A ordinary shares will be entitled to one vote per share, while holders of Class B ordinary shares will be entitled to fifteen votes per share.

(b)

Immediately prior to the completion of the IPO, the authorized share capital will be increased from US$50,000 divided into 1,000,000,000 shares of par value of US$0.00005 each, to US$100,000 divided into 2,000,000,000 shares of par value of US$0.00005 each.

(xi)

On June 10, 2020, the Company completed its IPO on the Nasdaq Global Market. The outstanding shares consist of 159,478,920 Class A ordinary shares and 122,072,980 Class B ordinary shares, of which (i) 61,346,560 Class B ordinary shares ultimately held by the Company’s founder, director and chief executive officer Chaohui Chen; (ii) 60,726,420 Class B ordinary shares ultimately held by the Company’s founder and chairman of board of directors Zhiping Peng and (iii) 110,378,920 ordinary shares were converted into Class A ordinary shares. In the offering, 2,010,000 ADSs, representing 20,100,000 Class A ordinary shares, were issued and sold to the public at a price of US$18 per ADS. Upon the completion of the IPO, all 29,000,000 issued and outstanding preferred shares were converted into Class A ordinary shares immediately as of the same date.

(xii)

During the year ended December 31, 2020, 576,720 shares of Class A Ordinary Shares were issued upon exercise of outstanding stock options under the Company’s share-based incentive plans (Note 10).

(xiii)

During the year ended December 31, 2021, 1,919,760 shares of Class A Ordinary Shares were issued upon exercise of outstanding stock options and 3,000,000 shares of Class A Ordinary Shares were issued upon vesting of restricted share units under the Company’s share-based incentive plans (Note 10).

(xiv)

During the year ended December 31, 2022, 1,000,000 shares of Class A Ordinary Shares were issued for issuance of convertible debenture, an aggregate of 76,943,540 shares of Class A Ordinary Shares were issued for conversion of convertible debenture, and 3,767,180 shares of Class A Ordinary Shares were issued upon vesting of restricted share units under the Company’s share-based incentive plans (Note 10).

(xv)

During year ended December 31, 2023, 97,200 shares of Class A Ordinary Shares were issued upon exercise of outstanding stock options and 5,629,400 shares of Class A Ordinary Shares were issued upon vesting of restricted share units under the Company’s share-based incentive plans (Note 10).

- Definition

The entire disclosure for equity.

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+ Details